FAB shareholders approve highest-ever cash dividend of Dhs8.3 billion at AGM

Gulf Today, Staff Reporter 

First Abu Dhabi Bank (FAB) held its Annual General Meeting (AGM) on Tuesday at its headquarters in Abu Dhabi. All agenda items were reviewed and approved, including the distribution of Dhs8.3 billion in cash dividends for the financial year ending 31 December 2024 (75 fils per share). Shareholders registered on 21 March 2025 (i.e., those purchasing shares on or before 19 March 2025) will be eligible for the cash dividends.

In addition to approving the bank’s highest-ever cash dividend payout, the AGM underlined a period of consecutive annual revenue growth and improved profitability, demonstrating steady progress against the FAB Group strategy as the UAE’s global bank.

FAB’s profit before tax increased by 13% year on year, reaching Dhs 19.9 billion, driven by higher client activity, strong business volumes, diversified income streams, and continued operational efficiencies. This strong performance positions FAB for continued success and growth, reflecting its ability to capitalize on market opportunities and deliver sustained value to its shareholders.

The bank has made remarkable strides in expanding its presence across 20 global markets, fostering stronger client relationships in key economic centers. This expansion has fueled growth in customer deposits and loans, resulting in double-digit revenue increases across the GCC, North Africa, Asia, and Europe & Americas. Complementing this geographic growth, FAB has strategically invested in talent, advanced systems, and invested in innovative technologies, all while maintaining a disciplined risk management approach.

In 2024, FAB launched its AI Innovation Hub with Microsoft, further accelerating AI adoption in banking by forming key partnerships with global AI leaders, including Microsoft, G42, and Presight. The bank’s digital growth is evident, with a 46% increase in digital transactions and over 96% of service requests now processed digitally.

Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, said: “First Abu Dhabi Bank’s (FAB’s) performance in 2024 cements consecutive years of expanded scale and improved profitability, demonstrating steady progress against our Group strategy as the UAE’s global bank, expanding capabilities and driving sustainable growth. The bank’s strong performance reflects also the resilience of the national economy and the country’s position as a leading global financial hub. FAB has played to its unique strengths at home to extend its position as the undisputed market leader in the UAE, while leveraging the competitive advantage of an international franchise that connects clients to the vast majority of the UAE’s trade flows.”

“Being the bank best able to support the bold growth and investment plans of an ambitious country has transformed FAB from a domestic giant into global financial powerhouse. Looking ahead, FAB will remain vital to driving the UAE leadership’s future vision, fostering sustainable growth and innovation, and connecting local, regional, and international economies within a world-class financial ecosystem.” Hana Al Rostamani, Group Chief Executive Officer of FAB, said: “Our region continues to grow and expand, and the opportunities to link the UAE and the Middle East with the rest of the world are immense. As the UAE’s global bank, FAB’s strategy is designed to help our clients maximise those opportunities, and has produced robust results in the UAE, our thriving home market and the foundation of our growth, while powering the expansion of our international franchise.” “In 2024, we achieved a net profit of Dhs 17.1 billion and a revenue of Dhs 31.6 billion. Profit before tax was up 13% to Dhs 19.9 billion, and we continued to deliver greater value to our clients in line with our strategic goals as the UAE’s global bank.

“Looking ahead, our solid balance sheet fundamentals and diversified business model position us well to continue to deliver profitable growth and achieve our return targets. We will continue to invest in talent, technology and innovation to enhance our services, drive efficiencies and grow our competitive edge. In doing so, we will sharpen our focus on consistently delivering strong, sustainable shareholder returns firmly aligned with medium term guidance of above 16%”.

In addition to approving the Board of Directors report, the external auditors report and Internal Shari’ah Supervision Committee annual reports for FY 2024, the AGM agenda included notifications on payable Zakat for 2024, approval of the bank’s balance sheet and profit and loss statement for 2024, and appointments for auditors and Internal Shari’ah Supervision Committee members for 2025.

-Ends- ABOUT FIRST ABU DHABI BANK Headquartered in the United Arab Emirates, First Abu Dhabi Bank (FAB) is one of the world’s largest and safest financial institutions, with total assets of Dhs 1.21 trillion (USD 330 billion) at the end of December 2024 and a credit rating of Aa3/AA-/AA- from Moody’s, S&P and Fitch respectively, with a stable outlook.

FAB provides financial services and expertise across five business units – Investment Banking, Corporate and Commercial Banking, Consumer Banking, Private Banking, and Global Markets – through an international network that covers 20 markets worldwide.

Listed on the Abu Dhabi Securities Exchange (ADX), FAB is a leading Islamic finance provider and a pioneer in sukuk issuance offering comprehensive Shari’ah-compliant products. FAB is also a regional leader in sustainability, with an MSCI ESG rating of ‘AA,’ and ranked among the top 5% of banks globally according to Refinitiv’s ESG scores. The bank also received a regional-best Low ESG Risk evaluation from Sustainalytics, and the highest CDP score among UAE banks. FAB currently chairs the Net-Zero Banking Alliance (NZBA) Steering Group and was the first GCC bank to join the UN-convened organisation in 2021.