First Abu Dhabi Bank (FAB) concluded its Annual General Meeting (AGM) today at FAB’s headquarters in Abu Dhabi.
All items on the agenda were discussed and approved, including the distribution of 50% cash dividends (AED 0.71 per share, implying total cash dividends of AED7.8 billion) for the financial year ended 31 December 2023. Owners of FAB shares registered on 15/03/2024 (i.e. buyers on 13/03/2024) are entitled to cash dividends.
In addition to approving the highest shareholder payout since 2020, the AGM highlighted FAB’s three consecutive years of accelerated business momentum, its outstanding performance in 2023, and its strong platform for future growth.
H.H. Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of First Abu Dhabi Bank (FAB), emphasized the UAE's economic and financial stability, highlighting sound growth and strategic diversification. Despite the challenges of the global financial environment in 2023, FAB demonstrated resilience and robust performance, reflecting the strength of its fundamentals and management expertise. Sheikh Tahnoon outlined FAB's clear strategic direction, aiming to drive economic and financial progress in the UAE while supporting international trade and diplomacy. In 2024, the focus is on consolidating FAB's position as the UAE market leader, leveraging its strong credit rating, capital resources, and international network to become a global financial powerhouse in the region.
Hana Al Rostamani, Group Chief Executive Officer at First Abu Dhabi Bank (FAB), emphasized the bank's pivotal role in shaping the region's banking industry and driving economic growth and global cross-border trade and investment flows. Under her leadership, FAB achieved consistent outstanding returns and value for shareholders, customers, and partners over the past three years. The bank's strong performance in 2023 included a record net profit of AED 16.4 billion, AED 27.8 billion in revenue, and a notable 17.6% Return on Tangible Equity (RoTE). Al Rostamani highlighted FAB's solid balance sheet, positioning it as one of the best-capitalized, most profitable, and safest banks globally. The bank's strategic focus on diversifying its franchise across geographies, business lines, products, funding sources, and income streams has been instrumental in its success. Al Rostamani reiterated FAB's commitment to strategic priorities, forward-focused approach, and delivering value to stakeholders as it continues to build on its momentum.
In addition to approving the Board of Directors report, the external auditors report and Internal Shari’ah Supervision Committee annual reports for FY 2023, the AGM agenda included 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.
News Source: Emirates News Agency
