In 2024, First Abu Dhabi Bank (FAB) demonstrated robust financial performance, reinforcing its status as a leading financial institution in the United Arab Emirates (UAE) and solidifying its global presence. The bank’s achievements reflect both its strategic initiatives and the resilience of the UAE’s economy.
Financial Highlights
- Net Profit: FAB reported a net profit of AED 17.1 billion for 2024, marking a 4% increase compared to the previous year. This growth was propelled by a 15% surge in revenue, totaling AED 31.6 billion.
- Profit Before Tax: The bank’s profit before tax rose by 13% year-on-year, reaching AED 19.9 billion. This uptick underscores heightened client activity, strong business volumes, diversified income streams, and ongoing operational efficiencies.
- Asset Growth: Total assets expanded by 4% year-on-year, amounting to AED 1.21 trillion as of December 31, 2024. Loans, advances, and Islamic financing experienced a 9% growth, reaching AED 529 billion, while customer deposits increased by 3% to AED 782 billion.
Strategic Developments
FAB’s international operations, spanning 20 key financial markets, saw a 32% revenue growth year-on-year, reinforcing the bank’s global footprint. This expansion aligns with FAB’s strategy to connect clients to the majority of the UAE’s trade flows, leveraging its unique strengths both domestically and internationally.
Leadership Perspective
His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, remarked on the bank’s performance:
“FAB’s performance in 2024 cements consecutive years of expanded scale and improved profitability, demonstrating steady progress against our Group strategy as the UAE’s global bank.”
Dividend Announcement
Reflecting its strong financial results, FAB’s Board of Directors has proposed a cash dividend of 75 fils per share for the full year ended December 31, 2024. This proposal, amounting to a total payout of AED 8.3 billion and representing 51% of the group net profit available for distribution, is subject to shareholder approval at the bank’s Annual General Meeting scheduled for March 11, 2025.
Outlook
Looking ahead, FAB aims to continue its pivotal role in supporting the UAE’s ambitious growth and investment plans. The bank is committed to fostering sustainable growth, driving innovation, and connecting local, regional, and international economies within a world-class financial ecosystem.
FAB’s 2024 performance not only underscores its leadership in the UAE banking sector but also highlights its strategic vision of transforming from a domestic giant into a global financial powerhouse.