Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) posted net profits worth AED 16.40 billion in 2023, up 22% year-on-year (YoY) from AED 13.41 billion, according to the financial results.
The total income surged by 16% to AED 27.75 billion last year from AED 23.93 billion in January-December 2022, while the basic earnings per Share (EPS) increased by 21% to AED 1.43 from AED 1.18.
Total assets hit AED 1.16 trillion as of 31 December 2023, up 5% year-on-year (YoY) from AED 1.11 trillion. Meanwhile, the customer’s deposits rose by 8% YoY to AED 760 billion from AED 701 billion.
Income Statements for Q4-23
In the fourth quarter (Q4) of 2023, FAB recorded 63% higher net profits at AED 4.01 billion when compared with AED 2.46 billion in Q4-22.
Furthermore, the total income climbed by 22% to AED 7.21 billion in Q4-23 from AED 5.91 billion a year earlier.
Quarter-on-quarter (QoQ), the Q4-23 net profits fell by 6% from AED 4.25 billion in Q3-23, while the total income rose by 3% from AED 6.97 billion.
Dividends
During their meeting on 31 January 2024, the board members proposed a cash dividend of 71 fils per share for 2023. The recommended amount represents 71% of the bank’s paid-up capital.
Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, said: “In line with our commitment to enhance long-term sustainable shareholder value, the board of directors recommends total cash dividends of AED 7.80 billion for 2023.”
“This represents a cash dividend per share of 71 fils and the highest payout since 2020,” he continued.
Lars Kramer, Group CFO of FAB, commented: “These are a very strong set of results. Group revenue and net profit reached new record highs and performance was consistent across our core business segments.”
“We achieved this while managing capital efficiently and costs prudently, maintaining our superior credit ratings profile and delivering attractive returns to our shareholders,” Kramer added.
He concluded: “The strength of our franchise, rock-solid capital base, leading liquidity position, and high-quality risk profile, bolster confidence in our outlook for 2024 and beyond.”
