First Abu Dhabi Bank (FAB) reported today its 2024 financial results. The group’s profit before tax grew 13 percent year-on-year to AED19.9 billion ($5.42 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.
Net profit reached AED17.1 billion, up 4 percent year-on-year, driven by a 15 percent increase in revenue to AED31.6 billion ($8.60 billion).
“FAB’s performance in 2024 cements consecutive years of expanded scale and improved profitability, demonstrating steady progress against our Group strategy as the UAE’s global bank,” stated His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, chairman of FAB.
Total dividend payout reaches AED8.3 billion
FAB’s Board of Directors is recommending a cash dividend of 75 fils per share for the full year 2024, representing a total dividend payout of AED8.3 billion, and 51 percent of the group net profit available for distribution.
The dividend proposal is subject to shareholder approval at the bank’s Annual General Meeting scheduled for March 11, 2025.
“Looking ahead, FAB will remain vital to driving the UAE’s future vision, fostering sustainable growth and innovation, and connecting local, regional, and international economies within a world-class financial ecosystem,” added Sheikh Tahnoon.
Total assets grow to AED1.21 trillion
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.
“Our strategy produced robust results in the UAE, our thriving home market and the foundation of our growth, while powering the expansion of our international franchise, as we diversified growth across customer segments and sources of income and grew international revenue by 32 percent,” said Hana Al Rostamani, group CEO of FAB.
Total assets increased 4 percent annually to AED1.21 trillion by the end of December 2024, with a 9 percent growth in loans, advances and Islamic financing to AED529 billion for the period. Customer deposits also rose 3 percent annually to AED782 billion.
The effective and robust execution of FAB’s strategic initiatives produced a return on tangible equity (RoTE) of 16.8 percent for 2024, firmly in line with the medium-term guidance of above 16 percent.
“We have also made clear progress on ESG, facilitating AED267 billion of sustainable and transition financing projects to date, which represents over half of the Group’s 2030 target of AED500 billion,” added Al Rostamani.
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Investment Banking revenue grows 19 percent
FAB’s Investment Banking revenue grew 19 percent in 2024, maintaining top rankings across key MENA IB league tables. Global Markets also increased revenue by 18 percent and Corporate and Commercial Banking saw a continued rise in loans, deposits and revenue. The group attributed this growth to a number of key technology innovations including the launch of the Commercial Banking Service Accelerator, empowering SME clients to access essential account services digitally.
“Our international franchise, in particular, has played an important role in delivering diversified sources of growth capitalizing on expanded capabilities and new relationships. At the same time, we continued to invest in talent, systems and technology while maintaining excellent operating efficiency and a prudent approach to risk,” said Lars Kramer, group chief financial officer of FAB
Last year, retail banking momentum accelerated, with a 20 percent rise in new-to-bank customers. In addition, lending and deposits grew 15 percent and 17 percent, respectively. FAB also saw a significant growth in CASA balances Continued enhancement of the private banking offering which resulted in 75 percent growth in assets under management.
Furthermore, Consumer Banking and Private Banking revenue grew 18 percent and 15 percent, respectively.
