Abu Dhabi, UAE-First Abu Dhabi Bank (FAB) has achieved solid results in 2024 with Group net profit reaching AED 17.1 billion, up 4 percent year on year (yoy), driven by a 15 percent increase in revenue to AED 31.6 billion, FAB said in a statement
Profit before tax grew 13 percent yoy to AED 19.9 billion nearing AED 20 billion, reflecting increased client activity, strong business volumes, diversified income streams, and ongoing operating efficiencies across the franchise. This performance marks consecutive years of sustained growth in scale and profitability, solidifying FAB’s position as the UAE’s global bank.
Net profit for the fourth quarter of 2024 reached AED 4.2 billion, up 4 percent yoy, while revenue for Q4’24 increased by 11 percent yoy to AED 7.7 billion.
FAB’s Board of Directors recommends a cash dividend of 75 fils per share for the full year ended 31 December 2024, representing a total dividend payout of AED 8.3 billion, and 51 percent of group net profit available for distribution. The dividend proposal is subject to shareholder approval at the bank’s Annual General Meeting scheduled on 11 March 2025. Double-digit revenue growth in both domestic (11 percent) and international (32 percent) franchises supported expansion of the asset base during 2024, while the bank’s international franchise strengthened its global footprint across 20 key financial markets. Total assets increased 4 percent yoy to AED 1.21 trillion as of December-end 2024, with a 9 percent yoy growth in loans, advances and Islamic financing to AED 529 billion for the period, and customer deposits up by 3 percent yoy to AED 782 billion.
His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, said: “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. Fueled by the UAE’s economic growth and the bank’s strategic leaps in growing relationships across key economic corridors and markets, FAB delivered strong results last year, supported by record business volumes, successful diversification and innovation. The bank’s achievements solidified the nation’s standing as a premier financial and business hub, and delivered on our leadership’s vision for an open, efficient, and globally integrated business environment. As the UAE’s global bank for businesses and investors, FAB is fully aligned with this vision and remains a key enabler of the UAE’s global aspirations. FAB remains committed to creating sustained value for our shareholders.”