First Abu Dhabi Bank (FAB) reported a net profit of AED12.5 billion, compared to AED10.6 billion in 2020, marking a 19 percent increase year-on-year for the full year ended 31st December 2021.
Group revenue was up 17 percent supported by solid trading performance and growth in fee-generating business, helping to offset headwinds from low-interest rates. Operating expenses were up year-on-year, reflecting ongoing investments in digital and strategic initiatives and the inclusion of Bank Audi Egypt.
Asset quality metrics remained healthy, underpinned by prudent risk management and the relief measures under the UAE Central Bank TESS programme. The Group’s foundation remains robust across liquidity, funding and capital metrics.
“2021 has been a year of a strong economic rebound, with unprecedented opportunities for innovation and growth, despite continued uncertainties due to COVID-19,” Sheikh Tahnoon bin Zayed Al Nahyan, chairman of the FAB, said. “FAB continued to support the momentum of this dynamic transformation during 2021, delivering a standout financial performance while making significant progress in setting the building blocks for a future-proof bank.”
He added that FAB’s Board of Directors recommends a dividend per share of 70 fils equivalent for the full year ended 31st December 2021, split into 49 fils in cash and 21 fils as scrip dividend in lieu of cash.
Investment Banking produced an exceptional performance, capitalising on improving sentiment and buoyant regional capital markets activity. Corporate and Commercial Banking also saw sustained momentum with CASA balances growing 27 percent year-on-year, and Consumer Banking continued to witness strong sales acquisition across key products.
In Global Private Banking, Asset Under Management (AUMs) grew by almost 50 percent year-on-year, driven by enhanced product propositions.