FAB shareholders approve $1.56bn dividend for 2022

Lender also elects new board members at its general assembly meeting

First Abu Dhabi Bank headquarters. The bank reported a record 7 per cent rise in its 2022 net profit. Photo: FAB

First Abu Dhabi Bank, the UAE’s largest lender by assets, approved a dividend of Dh5.74 billion ($1.56 billion) for the financial year ended December 31, 2022, at its general assembly meeting on Tuesday.

The full-year cash dividend is Dh0.52 per share, the lender said in a statement.

Last month, FAB reported a record 7 per cent rise in its 2022 net profit, led by higher interest income and the strong performance of its core business.

Net profit attributable to shareholders for the 12-month period to the end of December surged to Dh13.4 billion from a year earlier.

“We continued to build on our strengths in 2022, with our dividend underpinned by our net profit of Dh13.4 billion and revenue of Dh23.9 billion, both being the highest on record for the group,” said Hana Al Rostamani, group chief executive at FAB.

“Our total assets crossing the Dh1.1 trillion mark, topping $300 billion for the first time.”

At its general assembly meeting, FAB also elected the board of directors, including first ever female member Mariam Al Mheiri, for the next three-year term, a statement from the firm said.

“2022 was a year of continued strategic diversification and expansion for the UAE and regional economies, which posted their fastest economic growth in a decade,” said Sheikh Tahnoun bin Zayed, chairman of FAB.

“By capitalising on the favourable macroeconomic conditions, FAB has been laying the foundations for a sustainable future.”