TIDM13SG
RNS Number : 4742R
First Abu Dhabi Bank P.J.S.C.
01 March 2023
FAB shareholders approve cash dividends of AED 5.74 Billion and
elect new board members at General Assembly Meeting
-- All agenda items approved by shareholders, including
distribution of a cash dividend of 52 fils per share
-- New board of directors nominated, including FAB's first female board member
Abu Dhabi, 28 February 2023: First Abu Dhabi Bank (FAB)
concluded its General Assembly Meeting (GAM) today at FAB's
headquarters in Abu Dhabi. All items on the agenda were discussed
and approved including the distribution of 52% cash dividends (AED
0.52 per share, implying total cash dividends of AED 5.74 Billion)
for the financial year ended 31 December 2022. Owners of FAB shares
registered on 10/03/2023 (i.e. buyers on 08/03/2020) are entitled
to cash dividends.
The GAM highlighted a year of forward progress on FAB's Group
strategy, expanding its client offering and international
representation, enhancing services through digital innovation, and
advancing its sustainability agenda in support of the UAE's
ambitions. FAB's 2022 achievements ensure the Group is strongly
positioned to pursue its growth journey moving forward, confident
in the resilience of the region, and well-placed to capitalise on
opportunities as the Group continues to drive superior and
sustainable shareholder returns.
Board elections
FAB also proceeded with the election of the Board of Directors,
including H.E. Mariam Mohammed Saeed Hareb Almheiri as the Bank's
first female board member, for the next three-year term:
-- H.H. Sheikh Tahnoon Bin Zayed Al Nahyan
-- H.E. Sheikh Mohamed Bin Saif Bin Mohamed Al Nahyan
-- H.E. Jassim Mohammed Buatabh Al Zaabi
-- H.E. Dr. Sultan Ahmed Al Jaber
-- H.E. Sheikh Ahmed Mohd Sultan S. Al Dhaheri
-- H.E. Mariam Mohammed Saeed Hareb Almheiri
-- H.E. Mohammed Thani Murshed Ghanem Al Rumaithi
-- H.E. Mohamed Saif Al Suwaidi
-- H.E. Waleed Al Mokarrab Al Muhairi
-- H.E. Homaid Abdulla Al Shimmari
-- Mr. Khalifa Ateeq Al Mazrouei
Having completed their current term, three members will be
leaving the board:
-- H.E. Jassim Mohammed Al Seddiqi
-- H.E Musabbeh Helal Musabbeh Al Kaabi
-- H.E André Sayegh
--
H.H. Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, said:
" 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. The UAE's banking sector
reflected this positive performance, reinforcing its resilience and
robust fundamentals during the year. By capitalising on the
favourable macroeconomic conditions, FAB has been laying the
foundations for a sustainable future. During the year, we made
tangible progress against this vision, delivering a strong
financial performance whilst driving our transformation agenda to
build a future-proof bank. In line with our firm commitment to
create long-term sustainable value for our shareholders, FAB's
Board of Directors is pleased to announce cash dividends totalling
AED 5.74 Billion for the year 2022, up 7% from 2021. As we pursue
our growth journey, we look forward to furthering economic
prosperity and sustainability efforts to unlock value and new
opportunities for our clients and stakeholders, in the UAE,
regionally and across the globe."
Hana Al Rostamani, Group Chief Executive Officer at FAB, said:
"We continued to build on our strengths in 2022, with our dividend
underpinned by our net profit of AED 13.4 billion and revenue of
AED 23.9 billion, both being the highest on record for the Group,
and our total assets crossing the AED 1.1 trillion mark, topping
USD 300 billion for the first time. Throughout the year, we have
reaffirmed FAB's position as a leading international bank with the
unique perspective and sense of ambition that our home in Abu Dhabi
provides. We further expanded our global footprint, adding
representation in new markets to reinforce our role in trade and
investment flows, and consolidating our presence in the MENA
region's largest markets. By adding depth and specialisation to our
offering, through digital innovation and our leadership in
sustainability, we are realising our full potential as a driving
force in the region's economic growth. FAB is both a global partner
for investment and corporate clients, and the most trusted bank for
consumer customers in our largest markets. In delivering record
financial results we have sustained our momentum across all core
businesses, making excellent progress against our Group strategy.
We are now exceptionally well-positioned to expand on our success
in 2023 and beyond, proactively shaping the future with purposeful
action for sustainable growth."
-ENDS-
ABOUT FIRST ABU DHABI BANK (FAB)
FAB is the UAE's largest bank and one of the world's largest and
safest financial institutions. FAB's focus is to create value for
its employees, customers, shareholders and communities to grow
through differentiation, agility and innovation.
Headquartered in Abu Dhabi, the bank's international network
spans five continents, providing global relationships, expertise
and financial strength to support local, regional and international
businesses seeking to do business at home and abroad. FAB is a
trusted adviser and regional partner to major institutions,
emerging companies and individuals seeking to do business in the
UAE, the MENA region and beyond. As an engine of growth for the
region, it helps customers to thrive and grow stronger by managing
risk, providing access to capital and facilitating trade flows
across developed and emerging markets.
With total assets of over AED 1.1 Trillion (USD 302 Billion) as
of December-end 2022, FAB is rated Aa3/AA-/AA- by Moody's, S&P
and Fitch, respectively - the strongest combined ratings of any
bank in the MENA region. The Bank has been ranked by Global Finance
as the Safest Bank in the UAE and the Middle East since 2011, and
#31 Safest Bank globally in 2022. The Banker's Top 1000 World Banks
2021 rankings, measured by Tier 1 capital, ranked FAB as #1 in the
UAE, #3 in the Middle East and #91 across
the globe. FAB is also a regional sustainability leader (MSCI
ESG rating of 'A'), and a constituent of MSCI
ESG Leaders and FTSE4Good EM indices.
For media inquiries, please contact:
FAB Communications prandmedia@bankfab.com and
fabteam@webershandwick.com
For investor-related inquiries, please contact:
FAB Investor Relations IR@bankfab.com
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END
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