FAB reports net profit of Dhs17.1 billion for 2024

First Abu Dhabi Bank (FAB) has achieved solid results in 2024, with Group net profit reaching Dhs17.1 billion, up 4 percent year-on-year (yoy), driven by a 15 percent increase in revenue to Dhs31.6 billion.

Profit before tax grew 13 percent yoy to Dhs19.9 billion, reflecting increased client activity, strong business volumes, diversified income streams and ongoing operating efficiencies across the franchise. This performance marks consecutive years of sustained growth in scale and profitability, solidifying FAB’s position as the UAE’s global bank.

Net profit for the fourth quarter of 2024 reached Dhs4.2 billion, up 4 percent yoy, while revenue for Q4’24 increased by 11 percent yoy to Dhs7.7 billion. FAB’s Board of Directors is recommending a cash dividend of 75 fils per share for the full year ended Dec.31st, 2024, representing a total dividend payout of Dhs8.3 billion and 51 percent of group net profit available for distribution.

The dividend proposal is subject to shareholder approval at the bank’s Annual General Meeting scheduled to be held on 11th March 2025.

Double-digit revenue growth in both domestic (11 per cent) and international (32 percent) franchises supported the expansion of the asset base during 2024, while the bank’s international franchise strengthened its global footprint across 20 key financial markets.

Total assets increased 4 percent yoy to Dhs1.21 trillion as of December-end 2024, with a 9 percent yoy growth in loans, advances and Islamic financing to Dhs529 billion for the period, and customer deposits up by 3 percent yoy to Dhs782 billion.

WAM