Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) obtained the approval of its annual general meeting (AGM) to disburse 50% cash dividends, equivalent to AED 7.80 billion, for 2023.
FAB will pay out a dividend of AED 0.71 per share to eligible shareholders, according to a press release.
Tahnoon bin Zayed Al Nahyan, Chairman of FAB, said: "Within this framework, the banking sector remains well capitalised with ample reserves of liquidity to back its ambitious expansion plans."
“Our strategic direction is clear and unambiguous: to advance FAB’s position as the driver of economic and financial progress in the UAE, driving medium- and long-term value for all our stakeholders,” Al Nahyan continued.
The Chairman noted: “Our task in 2024 is to consolidate and extend the bank’s position as the UAE market leader, build on its strong credit rating and depth of capital resources, and enhance our strong international network to accelerate growth and become a global financial powerhouse with the strongest franchise in the region.”
Hana Al Rostamani, Group CEO at FAB, said: “During the past three years, we continued our growth and delivered consistently outstanding returns and value to our shareholders, customers, and partners."
“In 2023, we achieved a record net profit of AED 16.40 billion, AED 27.75 billion in revenue fueled by growth across all our core businesses, and a 17.60% Return on Tangible Equity, among other highlights," Al Rostamani stated.
