It is the most valuable among the UAE banks

7.64 billion dirhams, “First Abu Dhabi” dividends for the year 2021

"First Abu Dhabi" achieved the best value for its shareholders.

From the source

Yesterday, First Abu Dhabi Bank concluded its annual general assembly meeting by approving the distribution of dividends for the fiscal year ending on December 31, 2021, at a rate of 70% of the paid-in capital, with a total of 7.64 billion dirhams;

The equivalent of 70 fils per share, divided into 49 fils in cash, and the equivalent of 21 fils in stock.

Dividends are payable to the registered shareholders of the Bank on Thursday 10 March 2022 (i.e. buyers on 8 March 2022).

All items on the meeting’s agenda were also discussed and approved, including the shareholders’ approval of the bank’s financial performance reports for the financial year ending on December 31, 2021, and the amendment of the bank’s articles of association to increase the capital to 11.05 billion dirhams by issuing 127.61 million new shares. After obtaining the required regulatory approvals.

His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of the Board of Directors of First Abu Dhabi Bank, said: “Despite the difficult circumstances witnessed by the banking sector and the economy in general locally, regionally and globally, First Abu Dhabi Bank was able to maintain its most important priorities represented in achieving the best value for its shareholders, by During the recording of distinguished results that resulted in the distribution of profits with a total value of 7.64 billion dirhams, divided into 5.35 billion dirhams in cash, and the equivalent of 2.29 billion dirhams in the form of shares, which is the highest value at the level of dividend distributions among UAE banks, in addition to the achieved return by 46% As a result of the change in the bank’s share price during 2021.”

His Highness added: “The dividend distribution mechanism for 2021 reflects our focus on preserving capital to support the future growth of the bank’s business, while increasing returns to shareholders.

Proceeding from the bank’s leading position as a major supporter of the national economic growth process;

We are committed to supporting our customers and promoting the prosperity of the communities in which we operate during 2022 and the years to come.

We have succeeded in creating the best value for our shareholders over the years, and we renew our commitment to maintaining our successful track record and continuing to achieve meaningful and sustainable returns for our shareholders over the long term.”

For her part, Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said: “We achieved a record performance during 2021, which reflects the strength of our business diversification model and our ability to take advantage of opportunities in the market, especially in light of the improvement in the general economic landscape, which It resulted in achieving a rewarding return for our shareholders, customers and employees.”

In addition, the First Abu Dhabi Bank announced that it had signed an agreement to sell a 60% stake in “Magnati Payments Company” to “Brookfield Business Company” and its partners, known as “Brookfield”, in a deal that will raise the estimated value of “Magnati” to 1.15 billion. dollar.

Under the deal, the bank will retain a 40% stake in "Magnati" and will continue to be present in the company through a long-term partnership agreement.

The sale transaction is subject to the terms and approvals of the regulators.

After its completion, the bank intends to benefit from the sale proceeds, which will contribute to supporting its growth and keeping pace with future changes.

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