The Bank proposes a dividend of 70 fils per share

“First Abu Dhabi” achieves 12.5 billion dirhams of net profit in 2021

Yesterday, First Abu Dhabi Bank announced its financial results for the year ending December 31, 2021.

The bank stated in a statement that the group achieved strong results, as net profits amounted to 12.5 billion dirhams, compared to 10.6 billion dirhams in 2020, which represents an increase of 19% compared to 2020.

According to the statement, the group's revenues witnessed a growth of 17% thanks to the strong performance of trading and the growth of the fee-generating business, which contributed to mitigating the effects of lower interest rates.

strong budget

The financial results showed the strength of the balance sheet, as total assets amounted to more than one trillion dirhams, an increase of 9% compared to the end of 2020, while customer deposits amounted to 614 billion dirhams, an increase of 14% compared to 2020, and an increase of 1% compared to the previous year. Third quarter of 2021.

In turn, loans, advances and Islamic financing amounted to 410 billion dirhams, an increase of 6% compared to 2020, and an increase of 2% compared to the third quarter of 2021.

The group confirmed its preservation of strong liquidity ratios, as the liquidity coverage rate reached 134%, the non-performing loans ratio reached 4.0%, and the provisions coverage ratio reached 98%.

distribute profits

The Board of Directors recommended a dividend of 70 fils per share, divided into 49 fils in cash and 21 fils in shares, to support the growth and investment process in the Group's business and to achieve the highest returns for investors.

According to the results, the group’s net profit during the past year amounted to 12.5 billion dirhams, an increase of 19%, compared to 2020, and the basic earnings per share amounted to 1.12 dirhams, an increase of 20% compared to 2020.

For its part, the fourth quarter recorded a net profit of 3.3 billion dirhams, an increase of 3% compared to the same period in 2020.

As for operating revenues during 2021, they amounted to 21.7 billion dirhams, an increase of 17% compared to 2020.

Economic recovery

His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of the Board of Directors of First Abu Dhabi Bank, said that the year 2021 witnessed a tangible economic recovery with the emergence of unprecedented opportunities for innovation and growth, despite the uncertainty about developments in the situation related to the “Covid-19” pandemic.

He added, “Amidst these circumstances;

The UAE has reaffirmed the excellence of planning and sound performance, clarity of leadership vision, leadership in recovery efforts and the return of life to normal at the regional and global levels, as a result of the distinguished achievements made in the vaccination program and huge economic stimulus packages, including the comprehensive economic support plan for the Emirates Bank. Central Bank, structural reforms, and plans to achieve long-term economic development.

His Highness continued: “In a move that reflects our strong commitment to achieving the best returns for our shareholders, to support the growth process and to invest in our business, the Board of Directors of First Abu Dhabi Bank recommended a dividend of 70 fils per share for the fiscal year ending on December 31, 2021, divided into 49 fils in cash and 21 fils in shares. ».

He added: "After this year full of exceptional successes and achievements, during which the UAE celebrated its golden jubilee, and launched its vision for a new phase of prosperity and development, shaping the country's future for the next five decades;

First Abu Dhabi Bank begins the new year by emphasizing its leadership role in promoting economic and social development in the markets in which it operates.

We look forward with optimism and confidence to the promising business opportunities that await the First Abu Dhabi Bank Group as we continue to work to accelerate growth in 2022 and beyond.”

record profits

For her part, First Abu Dhabi Bank Group CEO, Hana Al Rostamani, said: “I am pleased to announce good financial results for the year 2021, as First Abu Dhabi Bank recorded record revenues and net profits in light of the acceleration of economic recovery indicators for this year, and succeeded in enhancing the value of assets to exceed the barrier of One trillion dirhams in an unprecedented historical achievement.

She added that this strong performance reflects the pace of growth witnessed by our core businesses in light of the recovery of macroeconomic indicators, and confirms the positive results of our strategic initiatives that aim to achieve the best value and advance the pace of growth and development.

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