Abu Dhabi: First Abu Dhabi Bank (FAB) has achieved solid results in 2024, with Group net profit reaching AED17.1 billion, up 4 percent year-on-year (yoy), driven by a 15 percent increase in revenue to AED31.6 billion. Profit before tax grew 13 percent yoy to AED19.9 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.
According to Emirates News Agency, net profit for the fourth quarter of 2024 reached AED4.2 billion, up 4 percent yoy, while revenue for Q4'24 increased by 11 percent yoy to AED7.7 billion. FAB's Board of Directors is recommending a cash dividend of 75 fils per share for the full year ended 31st December 2024, representing a total dividend payout of AED8.3 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 to be held on 11th March 2025.
Double-digit revenue growth in both domestic (11 percent) and international (32 percent) franchises supported the 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 AED1.21 trillion as of December-end 2024, with a 9 percent yoy growth in loans, advances and Islamic financing to AED529 billion for the period, and customer deposits up by 3 percent yoy to AED782 billion.
H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, emphasized the bank's steady progress against its Group strategy as the UAE's global bank, citing the UAE's economic growth and strategic expansions. He highlighted the bank's achievements in solidifying the nation's standing as a premier financial and business hub, aligning with leadership's vision for an efficient and globally integrated business environment.
Hana Al Rostamani, Group Chief Executive Officer of FAB, noted the bank's robust strategy in its home market and internationally, diversifying growth across customer segments and sources of income, and strengthening its balance sheet. She reported clear progress on ESG initiatives, facilitating AED267 billion of sustainable financing projects, contributing to the Group's 2030 target of AED500 billion, and strides towards carbon emission reduction targets.
FAB also maintained leadership in green and social bonds and sukuk issuances, with US$4.1 billion outstanding, and provided significant new financing to SMEs during FY'24. Investment Banking and Global Markets divisions reported strong revenue growth, while continued enhancement of private banking offerings resulted in substantial growth in assets under management.
