First Abu Dhabi Bank (FAB) elected new board members and approved the distribution of cash dividends at its general assembly meeting.

André Sayegh has been nominated as the new Group Chief Executive, subject to a final approval from the UAE Central Bank. Sayegh is currently Deputy Group CEO and Group Head of Corporate & Investment Banking at FAB.

The UAE’s biggest lender by assets increased the size of its board from 9 to 11 members and its current group chief executive Abdulhamid Saeed is set to join the board.

FAB’s general assembly approved the distribution of 74 percent cash dividends (0.74 dirhams per share), implying total cash dividends of 8.08 billion dirhams ($2.2 billion) for the year 2019.

First Abu Dhabi Bank (FAB) announced in January that it has entered exclusive discussions with Bank Audi to acquire its fully owned subsidiary in Egypt.

Karim Karoui, the group’s head of subsidiaries, told reporters on Monday that the bank expects to decide in the second quarter whether to buy Bank Audi’s Egyptian business, a Reuters report showed.

The group’s net profit for the year 2019 stood at 12.5 billion dirhams in 2019, up 4 percent from 12 billion dirhams in 2018.

Operating income rose 4 percent year-on-year to 20.2 billion dirhams, loans and advances reached 408 billion dirhams, rising 16 percent compared to 2018 and customer deposits stood at 519 billion dirhams, a 12 percent year-on-year increase.

The liquidity coverage ratio reached 129 percent while the non-performing loans ratio hit 3.2 percent.

(Reporting by Gerard Aoun; editing by Seban Scaria)

(Gerard.Aoun@refinitiv.om)

#FAB #DIVIDENDS #FINANCIALSERVICES #EQUITIES #UAE #ABUDHABI #BANKING

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

 

© ZAWYA 2020