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First Abu Dhabi Bank (FAB), the UAE’s biggest lender, reported a “record performance” in 2021, driven by the UAE’s economic recovery and positive momentum across its core businesses.
The bank’s full-year 2021 net profit reached 12.5 billion dirhams ($3.4 billion), up 19 percent from 10.6 billion dirhams a year ago.
Annualised earnings per share for the group also rose by 20 percent to 1.12 billion dirhams, while total assets exceeded 1 trillion dirhams, up nine percent year-on-year.
During the year, the bank’s customer deposits reached 614 billion dirhams, registering a 14 percent year-on-year growth. Loans, advances and Islamic financing also grew by 6 percent to 410 billion dirhams.
With the positive performance, the FAB’s board of directors recommended dividends per share of 70 fils, which will be split into 49 fils in cash and 21 fils as scrip dividend.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
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