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Tuesday, May 30, 2023

FAB Shareholders Approve $1.6 Billion Cash Dividend in 2022

First Abu Dhabi Bank (FAB) has announced that its shareholders have approved the distribution of a 52% cash dividend worth AED5. Bank headquarters in Abu Dhabi.

Discussing all the items on the agenda, the Board highlighted the progress made over the year in FAB Group’s strategy to expand its client services and international representation, enhance services through digital innovation, and advance its sustainability agenda in support of the UAE’s ambitions.

It said FAB’s 2022 achievements ensure the group is well-positioned to continue its growth journey, confident in the region’s resilience and to capitalize on opportunities as the group continues to drive superior and sustainable shareholder returns.

Also at the meeting, a new board of directors was elected for a three-year term, chaired by Sheikh Tahnoon Bin Zayed Al Nahyan.

A key highlight was the election of Mariam Mohammed Saeed Hareb Almheiri, who made history as Fab’s first female board member. The other members are Sheikh Mohamed Bin Saif Bin Mohamed Al Nahyan; Jassim Mohammed Buatabh Al Zaabi; Dr. Sultan Ahmed Al Jaber; Sheikh Ahmed Mohd Sultan S. Al Dhaheri; Mohammed Thani Murshed Ghanem Al Rumaithi; Waleed Al Mokarrab Al Muhairi and Homaid Abdulla Al Shimmari; Khalifa Ateeq Al Mazrouei.

After completing the current term, three members – Jassim Mohammed Al Seddiqi; Musabbeh Helal Musabbeh Al Kaabi and André Sayegh will leave the board, the bank said in a statement.

Sheikh Tahnoon said: “2022 is the year of continued strategic diversification and expansion of the UAE and regional economy, with the fastest economic growth in a decade. The UAE’s banking sector reflects this positive performance, strengthening its position in this years of resilience and strong fundamentals”

“Using favorable macroeconomic conditions, FAB has been laying the foundations for a sustainable future. During the year, we made tangible progress towards this vision, delivering strong financial performance while driving our transformational agenda to build a future-proof bank,” he noted.

Group CEO Hana Al Rostamani said: “We continue to build on our strengths in 2022, with our dividend supported by a net profit of AED 13.4 billion and revenue of AED 23.9 billion , both hit the highest levels in the Group’s history, and our total assets crossed the AED 1.1 trillion mark, surpassing USD 300 billion for the first time.”

“During the year, we reaffirmed FAB’s position as a leading international bank with a unique perspective and ambitions from our headquarters in Abu Dhabi. We further expanded our global footprint, increasing our presence in new markets. representatives to strengthen our presence in trade and investment flows and strengthen our presence in the largest market in the MENA region,” he added.-TradeArabia News Service

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