FAB 2024 AGM
In 2023, FAB recorded a net profit of Dh16.4 billion, Dh27.8 billion in revenue fueled by growth across all its core businesses. Image Credit: Supplied

First Abu Dhabi Bank (FAB) shareholders approved the distribution of 50 per cent cash dividends (Dh0.71 per share, implying total cash dividends of Dh7.8 billion) for the financial year ended December 31 during the top lender's Annual General Meeting (AGM) today at its headquarters in Abu Dhabi.

Owners of FAB shares registered on 15/03/2024 (i.e. buyers on 13/03/2024) are entitled to cash dividends, the lender added in its statement. "In addition to approving the highest shareholder payout since 2020, the AGM highlighted FAB’s three consecutive years of accelerated business momentum, its outstanding performance in 2023, and its strong platform for future growth."

Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, said: “Against the backdrop of a more challenging global financial and economic environment in 2023, First Abu Dhabi Bank came through the year with a resilient and robust performance, a testimony to the strength of its fundamentals and the depth of its management skills.

“Our task in 2024 is to consolidate and extend the bank’s position as the UAE market leader, build on its strong credit rating and depth of capital resources, and enhance our strong international network to accelerate growth and become a global financial powerhouse with the strongest franchise in the region.”

Hana Al Rostamani, Group Chief Executive Officer at FAB, said: “During the past three years, we continued our growth and delivered consistently outstanding returns and value to our shareholders, customers and partners. This strong performance was underpinned by our solid balance sheet and our position as one of the best capitalised, most profitable and safest banks in the world.

“In 2023, we achieved a record net profit of Dh16.4 billion, Dh27.8 billion in revenue fueled by growth across all our core businesses, and a 17.6 per cent Return on Tangible Equity, among other highlights. Our RoTE shows the Group’s ability to not only create shareholder value – it also highlights our capacity to accrete capital and provide a platform for future growth.

“We have worked to diversify our franchise across geographies and across business lines, products, funding sources and income streams. We have remained strategically driven, value-driven, and forward-focused in everything we do, and we are well positioned to build on our momentum and will continue to focus on delivering against our strategic priorities.”