First Abu Dhabi Bank achieved net profits of 10.6 billion dirhams during the year 2020.
According to the Emirates News Agency, the bank's net profit reached 3.2 billion dirhams during the last quarter of last year, an increase of 5% compared to 2019, and by 29% compared to the quarter Third.
The board of directors proposed to distribute cash dividends of 74 fils per share.
Group revenues reached 18.6 billion dirhams, while operating costs improved by 8% in light of the continuation of strategic investments and the strengthening of digital infrastructure.
The total assets of the group amounted to 919 billion dirhams and customer deposits amounted to 541 billion dirhams, while loans and advances amounted to 387 billion dirhams, up from 2019 according to the modified basis .
the bank maintained its balance sheet strength throughout the year, ending the fiscal year with high levels of liquidity, financing and capital operations, as well as maintaining strong measures of asset quality due to management Thoughtful and conservative of the risks, thanks to the support measures adopted within the framework of the comprehensive economic support plan of the Central Bank of the United Arab Emirates.
His Highness Sheikh Tahnoun bin Zayed Al Nahyan, Chairman of the Board of Directors of First Abu Dhabi Bank, said: We are proud of our wise management and our distinguished achievements, thanks to which we won the Best Banking Institution award for 2020 before Gulf Business Awards. In line with our commitment to achieving the best value for our shareholders, the Bank’s Board of Directors recommended a cash dividend of 74 fils per share for the fiscal year ending December 31, 2020.
His Highness said: We would like to announce today that Andre Al Sayegh, Group CEO, will retire next month from First Abu Dhabi Bank after spending 21 years at the bank. His valuable contributions throughout his tenure with First Abu Dhabi Bank Group and the former First Gulf Bank had a great impact on the successes achieved by the bank, which culminated in great results for the year 2020 despite the great difficulties and challenges facing the local banking sector and the global economy in general.
On my own behalf and on the bank's board of directors, I would like to thank and appreciate what Andre presented during his tenure. On the approval of the Central Bank and the General Assembly of the bank for this nomination
His Highness added: We are also pleased to announce the appointment of Hana Al Rostamani, who is currently the Vice President ...
