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First Abu Dhabi Financial institution (FAB) concluded its Annual Normal Assembly (AGM) at present at FAB’s headquarters in Abu Dhabi. All objects on the agenda have been mentioned and authorized, together with the distribution of fifty% money dividends (AED 0.71 per share, implying complete money dividends of AED 7.8 billion) for the monetary 12 months ended 31 December 2023. Homeowners of FAB shares registered on 15/03/2024 (i.e. consumers on 13/03/2024) are entitled to money dividends.
Along with approving the best shareholder payout since 2020, the AGM highlighted FAB’s three consecutive years of accelerated enterprise momentum, its excellent efficiency in 2023, and its sturdy platform for future development.
H.H. Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, mentioned: “The UAE as soon as once more proved itself to be a haven of financial and monetary stability, recording sound development and an acceleration of the nation’s technique for strategic diversification. Inside this framework, the banking sector stays nicely capitalised with ample reserves of liquidity to again its bold enlargement plans. In opposition to the backdrop of a more difficult world monetary and financial atmosphere in 2023, First Abu Dhabi Financial institution got here by means of the 12 months with a resilient and sturdy efficiency, a sworn statement to the energy of its fundamentals and the depth of its administration expertise.
“Our strategic course is evident and unambiguous: to advance FAB’s place as the motive force of financial and monetary progress within the UAE, driving medium- and long-term worth for all our stakeholders, whereas supporting the UAE’s place as a nexus of worldwide commerce and diplomacy… Our process in 2024 is to consolidate and lengthen the financial institution’s place because the UAE market chief, construct on its sturdy credit standing and depth of capital sources, and improve our sturdy worldwide community to speed up development and turn into a world monetary powerhouse with the strongest franchise within the area.”
Hana Al Rostamani, Group Chief Government Officer at FAB, mentioned: “Through the years, First Abu Dhabi Financial institution has been on the centre of shaping the area’s banking trade, powering financial development and supporting world cross-border commerce and funding flows. In the course of the previous three years, we continued our development and delivered persistently excellent returns and worth to our shareholders, prospects and companions. This sturdy efficiency was underpinned by our stable steadiness sheet and our place as among the finest capitalised, most worthwhile and most secure banks on this planet.
“In 2023, we achieved a document web revenue of AED 16.4 billion, AED 27.8 billion in income fueled by development throughout all our core companies, and a 17.6% Return on Tangible Fairness, amongst different highlights. Our RoTE reveals the Group’s means to not solely create shareholder worth – it additionally highlights our capability to accrete capital and supply a platform for future development.
“We now have labored to diversify our franchise throughout geographies and throughout enterprise traces, merchandise, funding sources and revenue streams. We now have remained strategically pushed, value-driven, and forward-focused in every little thing we do, and we’re nicely positioned to construct on our momentum and can proceed to give attention to delivering in opposition to our strategic priorities.”
Along with approving the Board of Administrators report, the exterior auditors report and Inner Shari’ah Supervision Committee annual experiences for FY 2023, the AGM agenda included notifications on payable Zakat for 2023, approval of the financial institution’s steadiness sheet and revenue and loss assertion for 2023 and appointments for auditors and Inner Shari’ah Supervision Committee members for 2024.
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