FAB Announces Record AED 7.8 Billion Cash Dividend Following AGM Approval

At the recent Annual General Meeting (AGM) held at its headquarters in Abu Dhabi, First Abu Dhabi Bank (FAB) announced the approval of all agenda items, including a significant shareholder payout. The AGM, a pivotal event for FAB, underscored the bank's robust performance over the past year and set a positive tone for its future endeavors.

The bank declared a 50% cash dividend distribution, amounting to AED 0.71 per share. This translates to a total cash dividend payout of AED 7.8 billion for the financial year that concluded on December 31, 2023. Shareholders registered by March 15, 2024, are eligible for this dividend, marking a milestone as the highest shareholder payout since 2020.

FAB's AGM was not just about dividends; it was a reflection on three years of accelerated business momentum and an outstanding performance in 2023. The bank has laid a strong foundation for future growth, with its leadership expressing confidence in the strategic direction and the bank's role in driving economic progress within the UAE and beyond.

H.H. Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, highlighted the UAE's economic resilience and the banking sector's robust capitalization and liquidity reserves. Despite global financial challenges in 2023, FAB showcased a resilient performance, attributed to its solid fundamentals and management expertise.

"Our strategic direction is clear: to advance FAB’s position as the driver of economic and financial progress in the UAE," stated Sheikh Tahnoon. He emphasized the bank's commitment to enhancing its market leadership in the UAE, leveraging its strong credit rating, capital resources, and international network to foster growth.

Hana Al Rostamani, Group Chief Executive Officer at FAB, reflected on the bank's role in shaping the region's banking industry and its contribution to economic growth and global trade. She highlighted FAB's record net profit of AED 16.4 billion and revenue of AED 27.8 billion in 2023, driven by growth across all core businesses.

"Our RoTE shows our ability to not only create shareholder value but also highlights our capacity to accrete capital and provide a platform for future growth," Al Rostamani added. She underscored FAB's strategic focus on diversification across geographies, business lines, and income streams.

The AGM also included approvals for the Board of Directors report, external auditors report, Internal Shari’ah Supervision Committee annual reports for FY 2023, notifications on payable Zakat for 2023, approval of the bank’s balance sheet and profit and loss statement for 2023, and appointments for auditors and Internal Shari’ah Supervision Committee members for 2024.

This AGM marks a significant milestone for FAB as it continues to build on its momentum and focus on delivering against its strategic priorities. With a clear vision for the future and a solid track record of performance, FAB is well-positioned to continue its trajectory of growth and success in the coming years.

With inputs from WAM