FAB to pay out record $2.1bn cash dividend

FAB to pay out record $2.1bn cash dividend

The board of the First Abu Dhabi Bank (FAB), the UAE’s biggest lender by assets, has recommended the bank’s highest cash dividend payout since 2020. At AED 7.8 billion ($2.12 billion), the dividend represents around half of the bank’s net profit for 2023, which surged 56 percent year on year to AED16.4 billion. Total income increased […]The board of the First Abu Dhabi Bank (FAB), the UAE’s biggest lender by assets, has recommended the bank’s highest cash dividend payout since 2020.

At AED 7.8 billion ($2.12 billion), the dividend represents around half of the bank’s net profit for 2023, which surged 56 percent year on year to AED16.4 billion.

Total income increased 32 percent year on year to AED27.8 billion last year.

Saudi Arabia and First Abu Dhabi tap bond markets

UAE’s FAB profit jumps 46% on higher interest income

Investments by UAE banks hit new record of $158bn

Total assets gained five percent year on year to AED1.2 trillion. Loans and deposits registering an annual increase of five percent and eight percent, respectively.

“FAB’s performance in 2023 marks the third consecutive year of improved return on tangible equity driving higher cash returns. This demonstrates consistent strategic execution,” said chairman Sheikh Tahnoon Bin Zayed Al Nahyan.

The lender’s fourth-quarter 2023