Skip to content Skip to Search
Skip navigation

FAB to pay out record $2.1bn cash dividend

FAB’s fourth-quarter 2023 profit rose 63% to AED4.01bn Alamy via Reuters
FAB’s fourth-quarter 2023 profit rose 63% to AED4.01bn

The board of First Abu Dhabi Bank, the UAE’s biggest lender by assets, has recommended the bank’s highest cash dividend payout since 2020.

At AED 7.8 billion ($2.12 billion), the dividend represents around half of FAB’s net profit for 2023, which surged 56 percent year on year to AED16.4 billion.

Total income increased 32 percent year on year to AED27.8 billion last year.

Total assets gained five percent year on year to AED1.2 trillion. Loans and deposits registering an annual increase of five percent and eight percent, respectively.

“FAB’s performance in 2023 marks the third consecutive year of improved return on tangible equity driving higher cash returns. This demonstrates consistent strategic execution,” said chairman Sheikh Tahnoon Bin Zayed Al Nahyan.

The lender’s fourth-quarter 2023 profit surged 63 percent to AED4.01 billion compared to AED2.46 billion a year ago. 

Total quarterly income increased 22.16 percent year on year to AED7.22 billion.

The bank has been focused on diversifying its global franchise both internationally and across business lines, products, funding sources and income streams, added group CEO Hana Al Rostamani. 

“Simultaneously, we have facilitated over AED125 billion sustainable finance projects to date. These strategic achievements will enable us to keep developing our business further, while capitalising on new sources of value creation,” she said.

Latest articles

It is hoped the use of AI will speed up the time-consuming process of screening patients for cancer

Mubadala-backed US startup working on AI cancer care

A US genomics startup, backed by Abu Dhabi’s sovereign wealth fund Mubadala, is working with ChatGPT creator OpenAI to improve cancer screening and treatment using artificial intelligence models. Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, […]

Gems operates more than 60 schools with over 130,000 students across the Middle East and North Africa

Brookfield to invest in Dubai’s Gems Education

A consortium led by Canada’s Brookfield Asset Management is to invest in Gems Education, the UAE’s private school operator. Other members of the group include Gulf Islamic Investments, Marathon Asset Management and the State Oil Fund of the Republic of Azerbaijan. Financial details were not disclosed but the investment is expected to be almost $2 […]

Two companies are dominant in the lithium industry – Chile’s SQM and US business Albemarle. In 2023, each commanded about 20 percent of global supply

Saudi Arabia targets Chile for lithium investments

Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […]

Oman's tourism revenue increase was driven by a 15 percent rise in hotel guest numbers

Luxury hotel revenues in Oman rise to $242m

Oman’s luxury hotels continued to make money in April as the number of guests surged. The revenue of three- to five-star hotels rose 11 percent year on year to OMR93 million ($242 million), the state-run Oman News Agency said, quoting the National Centre for Statistics and Information data. The revenue increase was driven by a […]