First Abu Dhabi Bank (FAB) held its annual general assembly meeting today, during which participants discussed and approved all proposed items, including a 50 percent cash dividend distribution of AED 0.71 per share, totaling AED 7.8 billion ($2.12 billion) for the fiscal year ending December 31, 2023.
Dividends are payable to the Bank’s shareholders registered on March 15, 2024, i.e. purchasers on March 13, 2024.
In addition to approving the highest cash dividend distribution since 2020, the meeting highlighted the growth momentum of FAB’s business over the past three years, its exceptional performance, and its strong potential to continue achieving growth in the coming years.
Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of First Abu Dhabi Bank, said: “Over the past years, the UAE has consolidated its position as a stable economic and financial hub, and has recorded remarkable growth that has contributed to strengthening the national economic diversification strategy, while the banking sector, which has abundant reserves and significant liquidity, has continued to enhance its ability to support its ambitious expansion plans. In 2023, First Abu Dhabi Bank maintained its outstanding performance due to its solid foundations and high flexibility, and thanks to its wise management in the face of changes, despite the challenges witnessed by the global economy.
He added that our strategic direction is clear, and in 2024 we seek to strengthen the bank’s position as a leader in the local market based on its strong credit rating and solid financial resources, which will provide our shareholders and partners with added value in the medium and long term. We also seek to expand our international network, which will increase the bank’s growth to become a global bank with the strongest presence in the region.
For her part, Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said: “We achieved many tangible achievements during the past year, and achieved record financial results as a result of our focus on implementing our strategic priorities in all activities and sectors of the group, where net profits reached AED 16.4 billion, a growth of 56 percent, while revenues reached AED 27.8 billion, and the return on tangible equity reached 17.6 percent.”
Al Rostamani explained that the bank’s success in achieving these results came by relying on the solid foundations it has established over the past five decades, pointing to the efforts made by the bank since its establishment to enhance national economic growth by supporting the movement of trade and the flow of global investments.
She said: “Over the past three years, we have achieved remarkable growth in our business and increased added value for our shareholders, customers and partners across our network of branches spread across five continents. Thanks to the bank’s strong capital, high liquidity and solid position, it has become one of the safest banks in the world. We will continue our business growth journey towards more achievements and consolidating our position as a leading financial institution regionally and internationally.”
In addition to approving the reports of the Board of Directors, external auditors and the internal Sharia Supervisory Committee for the year 2023, the meeting agenda included the zakat notifications due for the year 2023, approving the bank’s balance sheet and profit and loss statement for the year 2023, and appointing auditors and members of the Sharia Supervisory Committee for the year 2024.
