FAB’S full year 2022 group net profit up 7% yoy

ABU DHABI:FIRST Abu Dhabi Bank (FAB) has reported a group net profit of Dhs13.4 billion during 2022, up 7 per cent year-on-year (yoy) compared to the same period in 2021, with earnings per share at Dhs1.18.

Sheikh Tahnoun Bin Zayed Al Nahyan, National Security Adviser and 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. By capitalising on favourable macroeconomic conditions, FAB has been laying the foundations for the future.

“The bank has also been at the forefront of the UAE’S progress in driving sustainable growth amid a turbulent global backdrop, supported by structural reforms, high oil prices and recovery across non-oil economic sectors.”

Sheikh Tahnoun noted that the achievements emphasise FAB’S continuing role as an engine for the region’s economic prosperity, acting as an enabler to unlock new opportunities for clients and stakeholders across the bank’s franchise.

He continued, “We have made solid progress against this vision over the year. In achieving the Group’s highest annual revenue and net profit to date, FAB has strengthened its strategic position to build a future-proof bank and advance the interests of our customers, community, and stakeholders.

“In line with our firm commitment to creating long-term sustainable value for our shareholders, FAB’S Board of Directors recommends a cash dividend per share of 52 fils for the full year ended Dec.31st, 2022, compared to 49 fils in 2021.”