The largest bank by market value in the UAE achieved better-than-expected profits during 2023, supported mainly by interest income and operating income.
First Abu Dhabi Bank's net profits amounted to 16.4 billion dirhams ($4.5 billion), a growth of 22% on an annual basis, while its board of directors proposed disbursing the highest cash dividends since 2020, according to what was stated in a statement issued by the bank today, Thursday.
Expectations indicated that the bank would achieve profits worth 15.74 billion riyals in 2023.
The bank’s Chairman of the Board of Directors, Sheikh Tahnoun bin Zayed, said in the statement: In line with our commitment to enhancing sustainable value for shareholders in the long term, the Board of Directors proposes to distribute cash dividends totaling 7.8 billion dirhams (equivalent to 50% of profits) for the year 2023, at a value of 71 fils per share, which is Highest dividend payout since 2020.
