The Bank proposes a dividend of 70 fils per share
First Abu Dhabi: 12.5 billion dirhams, net profit for the year 2021
Tahnoun bin Zayed: "We look forward with optimism and confidence to the promising business opportunities that await (First Abu Dhabi) and continue to accelerate the pace of growth."
Yesterday, First Abu Dhabi Bank announced its financial results for the year ending December 31, 2021.
He stated 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%.
According to the statement, the group's revenue witnessed a growth of 17% thanks to the strong performance of trading and the growth of the fee generating business.
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 by 1% compared to the quarter 3rd 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.
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.
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 related to the “Covid-19” pandemic.
He added: "The UAE has reaffirmed once again the excellence of planning and sound performance, the clarity of the leadership's vision, leadership in recovery efforts, and the return of life to normal at the level of the region and the world, as a result of the outstanding achievements made in the vaccination program and huge economic stimulus packages, including the support plan. The comprehensive economic plan of the Central Bank of the Emirates, structural reforms, and plans to achieve long-term economic development.
His Highness continued: “In a step 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 has recommended a dividend of 70 fils per share for the financial 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 group as we continue to work to accelerate growth in 2022 and beyond.”
record profits
Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said: “I am pleased to announce good financial results for the year 2021, as the bank recorded record revenues and net profits in light of the acceleration indicators of economic recovery for this year, and succeeded in enhancing the value of assets to exceed the trillion dirhams barrier in a historic achievement. Unprecedented".
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