Abu Dhabi – Mubasher: The equityholders of First Abu Dhabi Bank (FAB), during the annual general meeting approved the distribution of AED 8.30 billion in cash dividends for 2024.
The approved amount is equivalent to 75 fils per share and will be disbursed for the shareholders registered on 21 March 2025; those purchasing shares on or before 19 March 2025, according to a press release.
In addition to approving FAB’s highest-ever cash dividend payout, the shareholders 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.
Chairman of FAB, Sheikh Tahnoon Bin Zayed Al Nahyan, said: “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.”
Al Nahyan added: “The bank's strong performance reflects also the resilience of the national economy and the country’s position as a leading global financial hub.”
He added: “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.”
The Chairman noted: “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.”
“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,” Al Nahyan commented.
He concluded: “In 2024, we achieved a net profit of AED 17.10 billion and revenue of AED 31.60 billion. Profit before tax was up 13% to AED 19.90 billion, and we continued to deliver greater value to our clients in line with our strategic goals as the UAE’s global bank.”
FAB’s profit before tax in 2024 was 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 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, and Americas.
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.
