In a significant development, First Abu Dhabi Bank (FAB), the UAE’s largest lender, announced on Wednesday that its shareholders have approved a cash dividend of Dh7.8 billion. This decision comes on the heels of FAB’s record net profit of Dh16.4 billion in 2023.
During the annual general meeting, FAB’s shareholders endorsed the distribution of 50 per cent cash dividends (equivalent to Dh0.71 per share), reflecting the bank’s strong financial performance for the fiscal year ending December 31, 2023.
Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, expressed confidence in the bank’s resilience amid a challenging global financial landscape in 2023. He highlighted the UAE’s continued economic stability and growth, underscoring the banking sector’s robust capitalization and liquidity reserves, essential for supporting ambitious expansion plans.
Emphasizing FAB’s strategic objectives, Sheikh Tahnoon reaffirmed the bank’s commitment to driving economic progress in the UAE while bolstering its international presence in trade and finance. He outlined FAB’s mission to solidify its leadership position in the UAE market, leverage its strong credit rating and capital base, and expand its global network to emerge as a formidable financial institution in the region.
Hana Al Rostamani, Group CEO at FAB, commended the bank’s role in shaping the region’s banking landscape and facilitating economic growth through consistent performance and value creation. She highlighted FAB’s exceptional financial results in 2023, including a record net profit of Dh16.4 billion and revenue of Dh27.8 billion, fueled by growth across core business segments.
Al Rostamani underscored FAB’s commitment to diversification and strategic growth, evident in its robust balance sheet and solid returns on tangible equity (RoTE). She emphasized FAB’s focus on delivering value to shareholders, customers, and partners while maintaining a forward-looking approach to business expansion and innovation.
In conclusion, FAB’s approval of a Dh7.8 billion cash dividend reflects its commitment to rewarding shareholders and sustaining financial excellence amid evolving market dynamics. As the bank continues to pursue its strategic priorities, it remains poised to drive economic prosperity and strengthen its position as a leading financial institution in the UAE and beyond.
