First Abu Dhabi Bank reports highest ever net profit in 2022

First Abu Dhabi Bank reports highest ever net profit in 2022

First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, has reported a full year group net profit of Dhs13.4bn for 2022. Net profit rose 7 per cent year-on-year, against Dhs12.5bn recorded in 2021. “In achieving the group’s highest annual revenue and net profit to-date, FAB has strengthened its strategic position to build a future-proof bank, and to advance the interests of our customers, community, and all our stakeholders,” said chairman Sheikh Tahnoon bin Zayed Al Nahyan. “In line with our firm commitment to create long term sustainable value for our shareholders, FAB’s board of directors is recommending a cash dividend per share of 52 fils for the full year ended December 31, 2022, compared to 49 fils in 2021.” Total income stood at Dhs23.9bn, up 10 per cent year-on year, driven by a 23 per cent growth in net interest income and gain on sale of the Magnati stake. Impairment charges (net) totalled Dhs2.8bn, rising 7 per cent against last year. Total assets stood at Dhs1.1tn, up 11 per cent year-on-year, while loans, advances and Islamic financing increased 12 per cent to Dhs460bn, and customer deposits soared 14 per cent to equal Dhs701bn. The lender’s NPL ratio was