First Abu Dhabi Bank (FAB) on Tuesday approved the distribution of 52 per cent cash dividends (Dh0.52 per share, implying total cash dividends of Dh5.74 billion) for the financial year ended 31 December 2022.
The decision was taken at FAB’s General Assembly Meeting (GAM) at its headquarters in Abu Dhabi.
FAB also proceeded with the election of the Board of Directors, including Mariam Mohammed Saeed Hareb Almheiri as the Bank’s first female board member, for the next three-year term
Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, said: “2022 was a year of continued strategic diversification and expansion for the UAE and regional economies, which posted their fastest economic growth in a decade. The UAE’s banking sector reflected this positive performance, reinforcing its resilience and robust fundamentals during the year. By capitalising on the favourable macroeconomic conditions, FAB has been laying the foundations for a sustainable future. During the year, we made tangible progress against this vision, delivering a strong financial performance whilst driving our transformation agenda to build a future-proof bank. In line with our firm commitment to create long-term sustainable value for our shareholders, FAB’s Board of Directors is pleased to announce cash dividends totalling Dh5.74 billion for the year 2022, up 7 per cent from 2021. As we pursue our growth journey, we look forward to furthering economic prosperity and sustainability efforts to unlock value and new opportunities for our clients and stakeholders, in the UAE, regionally and across the globe.”
Hana Al Rostamani, group chief executive officer at FAB, said: “We continued to build on our strengths in 2022, with our dividend underpinned by our net profit of Dh13.4 billion and revenue of Dh23.9 billion, both being the highest on record for the Group, and our total assets crossing the Dh1.1 trillion mark, topping $300 billion for the first time. Throughout the year, we have reaffirmed FAB’s position as a leading international bank with the unique perspective and sense of ambition that our home in Abu Dhabi provides. We further expanded our global footprint, adding representation in new markets to reinforce our role in trade and investment flows, and consolidating our presence in the Mena region’s largest markets. By adding depth and specialisation to our offering, through digital innovation and our leadership in sustainability, we are realising our full potential as a driving force in the region’s economic growth. FAB is both a global partner for investment and corporate clients, and the most trusted bank for consumer customers in our largest markets. In delivering record financial results we have sustained our momentum across all core businesses, making excellent progress against our Group strategy. We are now exceptionally well-positioned to expand on our success in 2023 and beyond, proactively shaping the future with purposeful action for sustainable growth.”
Once ramped up, the new centres are expected to each generate annual revenue of up to Dh200 million
Many residents opt for it in times of financial crunch and other urgent personal needs
Rents are projected to continue the upward trend across the country in 2024
The number of transactions carried out witnessed a significant increase compared to last year
The 57,000 sqm facility incorporates advanced technologies that include automated sort systems
Report notes that the GCC banking sector has experienced steady growth due to infrastructure projects, economic diversification efforts