Abu Dhabi, UAE– First Abu Dhabi Bank (FAB) has reported a Group Net Profit of AED13.4 billion ($3.64 billion) during 2022, up 7 percent year on year compared to the same period in 2021, with earnings per share at AED1.18.
In a statement on Thursday, the bank said that the fourth quarter 2022 net profit was AED2.5 billion, compared to AED2.9 billion in the previous quarter.
The total income reached AED23.9 billion, up 10 percent yoy, driven by 23 percent growth in net interest income, gain on sale of a majority stake in Magnati and enhanced revenue diversification geographically with greater contribution from MENA, the statement said.
The bank’s Board of Directors have recommended a cash dividend per share of 52 fils, amounting to AED5.7 billion for the fiscal year 2022, compared to 49 fils cash dividends distributed in the prior year.
Sheikh Tahnoun bin Zayed Al Nahyan, National Security Adviser and Chairman of FAB, said, “The year 2022 was a year of continued strategic diversification and expansion for the UAE and regional economies, which posted their fastest economic growth in a decade. By capitalizing on favorable macroeconomic conditions, FAB has been laying the foundations for the future.”