First Abu Dhabi Bank (FAB) has delivered another year of strong financial performance, with a Group net profit of AED17.1 billion in 2024, reflecting a 4% year-on-year (YoY) growth. This was driven by a significant 15% increase in revenue, reaching AED31.6 billion. The bank’s sustained expansion underscores its position as the UAE’s premier financial institution.
Solid Growth Across Key Metrics
FAB’s pre-tax profit grew 13% YoY to AED19.9 billion, highlighting increased client activity, strong business volumes, diversified income streams, and operational efficiencies. The bank has consistently demonstrated growth in scale and profitability, reinforcing its reputation as the UAE’s global bank.
Q4 2024 Performance Highlights:
- Net profit: AED4.2 billion (+4% YoY)
- Revenue: AED7.7 billion (+11% YoY)
- Double-digit revenue growth across domestic (+11%) and international (+32%) markets
- Total assets: AED1.21 trillion (+4% YoY)
- Loans, advances, and Islamic financing: AED529 billion (+9% YoY)
- Customer deposits: AED782 billion (+3% YoY)
Dividend Announcement
FAB’s Board of Directors has proposed a cash dividend of 75 fils per share, amounting to a total payout of AED8.3 billion, representing 51% of the net profit available for distribution. The proposal is subject to shareholder approval at the upcoming Annual General Meeting on March 11, 2025.
Strengthening the UAE’s Global Financial Presence
H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, emphasized the bank’s strategic expansion and alignment with the UAE’s economic vision. He highlighted that FAB’s record business volumes, diversification, and innovation have reinforced the UAE’s standing as a leading global financial hub.
FAB’s international expansion has been a key driver of growth, with operations spanning 20 key financial markets. The bank’s investments and partnerships have enhanced its connectivity across economic corridors, positioning it as a critical enabler of the UAE’s global ambitions.
ESG and Sustainable Financing
FAB has made substantial progress in Environmental, Social, and Governance (ESG) initiatives, having facilitated AED267 billion in sustainable and transition financing projects. This marks significant progress towards its 2030 target of AED500 billion. The bank also advanced its commitment to carbon reduction, becoming the first in the region to publish a Taskforce on Nature-related Financial Disclosures (TNFD) report, reinforcing its responsibility towards environmental sustainability.
Investment Banking and SME Support
FAB’s Investment Banking division recorded 19% YoY revenue growth, maintaining top rankings in key MENA IB league tables. Global Markets revenue also surged by 18%.
Supporting small and medium enterprises (SMEs) remains a priority, with AED4.3 billion in new financing provided in 2024, a 30% increase from the previous year. The bank also saw a 20% rise in new-to-bank customers, reflecting a growing customer base and trust in its services.
Looking Ahead
FAB remains committed to fostering sustainable growth, innovation, and global connectivity. The bank’s strong balance sheet, strategic expansion, and focus on ESG principles position it for continued success in 2025 and beyond.
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