The bank proposes to distribute cash dividends totaling 5.7 billion dirhams
13.4 billion dirhams, the net profit of “First Abu Dhabi” in 2022
First Abu Dhabi: Loans, advances and Islamic financing amounted to 460 billion dirhams.
From the source
Tahnoun bin Zayed: “The achievements of 2022 confirm the important role of the bank as an engine of economic growth in the region, and highlight its active role in providing new opportunities for shareholders, customers and employees.”
Hana Al Rostamani.
From the source
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First Abu Dhabi Bank announced that it achieved record results during the year 2022, recording a net profit of 13.4 billion dirhams.
The bank stated that the record profits were supported by the strong performance of the bank's core business, the rise in interest rates, with the continuation of thoughtful risk management and cost control, in conjunction with the continuation of investments.
Performance indicators
According to the main performance indicators for the fiscal year 2022, the group's net profit amounted to 13.4 billion dirhams, an increase of 7% compared to the same period in 2021, while the basic earnings per share amounted to 1.18 dirhams.
The group’s net profit during the last quarter amounted to 2.5 billion dirhams, compared to 2.9 billion dirhams during the third quarter of 2022, while total revenues amounted to 23.9 billion dirhams, an increase of 10% compared to the same period in 2021.
Loans and deposits
The results showed that loans, advances and Islamic financing reached 460 billion dirhams, an increase of 12% compared to the same period in 2021, outperforming the total average in the banking sector of 5.5%.
In turn, customer deposits amounted to 701 billion dirhams, an increase of 14% compared to the same period in 2021, and current and savings account deposits increased by 3% compared to the same period in 2021.
The liquidity coverage ratio reached 154%, which reflects the high liquidity rates and diversified financing sources.
The Board of Directors of First Abu Dhabi Bank recommended distributing cash dividends of 52 fils per share, with a total dividend distribution of 5.7 billion dirhams for the fiscal year 2022, compared to 49 fils per share for the year 2021.
Diversify and expand
His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of the Board of Directors of the First Abu Dhabi Bank Group, said that the year 2022 witnessed the continuation of the diversification and strategic expansion efforts of the UAE, and the economies of the region, which recorded their fastest economic growth in a decade.
He added, “By taking advantage of the positive macroeconomic conditions to lay solid foundations for the future;
The First Abu Dhabi Bank played a major role in the progress achieved by the UAE to advance the process of sustainable development, despite the challenges of the global economic environment, thanks to the continuation of reform and restructuring programs, the rise in oil prices, and the recovery of non-oil economic sectors.
And His Highness continued: “The year’s achievements confirm the important and continuous role of First Abu Dhabi Bank as an engine of economic growth in the region, and highlights its active role in providing new opportunities for shareholders, dealers and employees through its various businesses, which confirms our great progress in embodying this vision during the year.”
His Highness said: “In line with our firm commitment to achieving the best sustainable and long-term value for our shareholders, the Board of Directors of First Abu Dhabi Bank has recommended a cash dividend of 52 fils per share for the full year ending on December 31, 2022, compared to 49 fils in 2021.”
His Highness pointed out that with the region moving forward towards achieving sustainability goals, and the UAE's readiness to host the Conference of the Parties to Climate Change (COP28) in 2023;
We now share the responsibility of cooperation and unification of efforts to unleash the full potential of the country to chart the features of a more sustainable and prosperous future for all, indicating that the First Abu Dhabi Bank recognized the importance of these efforts, and affirmed its commitment to intensifying them to contribute to the process of transforming the region towards clean energy sources.
Al Rostamani: Record results
Hana Al Rostamani, CEO of First Abu Dhabi Bank Group, said that the bank once again achieved record results during 2022, which highlights the tangible growth of the group, the strength of our core business, as well as the achievements that are in line with our medium-term strategy.
She added, “The group’s net profit increased by 7%, to reach 13.4 billion dirhams, achieving a historic rate for the bank, while the strong business volume reflected the bank’s high ability to execute deals across our various business models. In improving the equity ratio - the first tier, despite the regulatory challenges and difficult market conditions.
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