FAB Reports Strong 2024 Financial Performance with AED17.1 Billion Net Profit

First Abu Dhabi Bank (FAB) has announced robust financial results for 2024, achieving a net profit of AED17.1 billion, marking a 4% year-on-year (YoY) growth.

The bank’s revenue surged 15% to AED31.6 billion, driven by increased client activity, strong business volumes, and diversified income streams.

Quarterly and Full-Year Growth

FAB’s Q4 2024 net profit rose 4% YoY to AED4.2 billion, while revenue for the quarter grew 11% YoY to AED7.7 billion. Profit before tax for the full year increased 13% YoY to AED19.9 billion, reinforcing FAB’s position as the UAE’s global bank.

Asset and Loan Growth

The bank’s total assets expanded 4% YoY to AED1.21 trillion, with loans, advances, and Islamic financing increasing 9% YoY to AED529 billion. Customer deposits also saw a 3% YoY rise to AED782 billion, reflecting the bank’s strong financial position.

Dividend Announcement

FAB’s Board of Directors has proposed a cash dividend of 75 fils per share, amounting to AED8.3 billion, representing 51% of the group’s net profit. The proposal is subject to shareholder approval at the Annual General Meeting on March 11, 2025.

Expanding International Presence

FAB’s international operations saw 32% revenue growth, strengthening its footprint across 20 key financial markets. The bank also increased its investment banking revenue by 19% YoY and saw a 20% rise in new-to-bank customers.

Commitment to Sustainability

FAB made significant progress in ESG initiatives, facilitating AED267 billion in sustainable financing, surpassing 50% of its 2030 target of AED500 billion. It also became the first regional bank to publish a TNFD report, reaffirming its commitment to environmental resilience.

H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, stated,

“FAB’s performance in 2024 reflects our strategic expansion and alignment with the UAE’s vision as a global financial hub.”

Looking ahead, FAB aims to continue driving sustainable growth, innovation, and economic integration across key markets.

News Source: Emirates News Agency