First Abu Dhabi Bank (FAB) convened its annual general meeting today at its headquarters in Abu Dhabi, where shareholders approved all agenda items, including a cash dividend totaling AED 8.3 billion for the fiscal year ending December 31, 2024. This dividend equates to 75 fils per share and is payable to bank shareholders registered by March 21, 2025, which includes purchasers prior to March 19, 2025.

In addition to the dividend approval, attendees highlighted the bank's growth over recent years, noting increases in revenue and net profits, underscoring its continual advancement and successful strategy aimed at enhancing its position as a leading global bank for the United Arab Emirates.

FAB's pre-tax profits rose by 13% year-on-year, reaching AED 19.9 billion, driven by an increase in customer activity, strong business volumes, diversified income sources, and enhanced operational efficiencies.

This robust performance solidifies the bank's reputation and supports its ongoing success and growth, enabling it to capitalize on market opportunities and deliver sustainable value to its shareholders.

The bank has made significant strides in expanding its global presence across 20 markets and strengthening customer relationships in key economic areas.

This expansion contributed to growth in customer deposits and loans, as well as a doubling of revenues in the GCC, North Africa, Asia, Europe, and the Americas.

To support this geographic growth, FAB strategically invested in talent, technological systems, and innovative solutions while maintaining a disciplined risk management approach.

In 2024, FAB launched the 'AI Innovation Center for Financial Services' in partnership with Microsoft to accelerate the adoption of AI capabilities in banking.

This initiative aims to establish key partnerships with global leaders in artificial intelligence, including Microsoft, G42, and Presight.

The bank has seen a notable increase in its digital activities, with a 46% rise in digital transactions and over 96% of current requests processed digitally.

Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of the FAB Group, stated that the bank's performance in 2024 is a culmination of consecutive years of growth in business volume and profitability, reflecting the success of the group's strategy to establish the bank's global standing.

He attributed the strong results to a stimulating economic environment, which has led to increased business volume, sector expansion, and the provision of innovative services, further enhancing the UAE's status as a major financial and business hub.

Henna Al Rostamani, Group CEO of FAB, emphasized the exceptional growth opportunities available as the bank aims to connect the UAE and the Middle East with the rest of the world.

She reported that for 2024, the bank's net profits stood at AED 17.1 billion, with revenues reaching AED 31.6 billion, a 15% increase compared to 2023. Pre-tax profits rose 13% to AED 19.9 billion, maintaining the bank's focus on delivering greater value to clients in line with its strategic objectives.

Al Rostamani further noted that the bank's robust balance sheet, strong capital base, high-quality assets, and effective risk management underpin its position as a trusted financial institution capable of achieving sustainable growth.

Looking ahead, the bank plans to continue investing in technology, artificial intelligence, and innovation to enhance efficiency, deliver smart and innovative services, and increase competitiveness to achieve these goals while maintaining a return on tangible equity ratio above 16% in the medium term.

The agenda of the general assembly also included the approval of the Board of Directors' report and the auditors' report, annual reports from the internal Shariah control committee for the fiscal year 2024, notifications regarding zakat due for 2024, the approval of the bank's balance sheet and profit and loss account for 2024, and the appointment of auditors and members of the internal Shariah control committee for 2025.