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First Abu Dhabi Bank (FAB), the UAE’s biggest lender, is set to distribute 51% cash dividends after reporting record earnings last year.
Shareholders of the bank approved the payout totalling AED 5.74 billion ($1.5 billion) for 2022, up 7% from 2021, at the recent general assembly meeting, according to a disclosure on the Abu Dhabi Securities Exchange (ADX).
Last year, the lender posted a net profit of AED 13.4 billion and revenue of AED 23.9 billion, the highest on record for the company.
Its assets also crossed AED 1.1 trillion during the same period, topping $300 billion for the first time.
“We continued to build on our strengths in 2022…We are now exceptionally well-positioned to expand on our success in 2023 and beyond,” said Hana Al Rostamani, Group CEO at FAB.
(Writing by Cleofe Maceda; editing by Seban Scaria)
