Dubai: The UAE's biggest bank FAB has delivered what was expected of it - a record high Dh16.4 billion net profit for 2023 from a 56 per cent increase. The Board is proposing a cash dividend of Dh7.8 billion, representing 71 fils a share and the highest payout since 2020.
Total income for 2023 was Dh27.8 billion with 'broad-based growth across all core businesses'. And assets went up 5 per cent year-on-year to an impressive Dh1.2 trillion, thus 'ensuring FAB remains the largest bank in the UAE'.
Not just that, "We further consolidated our leading position as one of the largest global banks, with total assets increasing to Dh1.2 trillion and an impressive Return on Tangible Equity (RoTE), which represented the culmination of a three-year journey of accelerated business momentum,” said Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB.
Loans, advances and Islamic-linked financing also was up by 5 per cent to Dh484 billion - and 8 per cent on average over the past three years. That, FAB says, meant 'outperforming the UAE banking sector and demonstrating market share gains across segments and geographies'.
Customer deposits gained 8 per cent to Dh760 billion with a 21 per cent spike in CASA balances.
"We have built a strong platform for future growth, one that is ideally placed to facilitate the growing trade and investment flows that support our clients’ ambitions, leaving us well positioned for continued growth," said Hana Al Rostamani, Group CEO of FAB. "We are determined to be the regional financial institution of choice to current and prospective clients.”
On ADX, the FAB stock is up 8 per cent year-on-year and representing a dividend yield of 4.8 per cent.
More to follow...
