Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) on Monday announced that its board has approved distributing 74% cash dividends, totalling AED 8.06 billion for the financial year ended 31 December 2018.

Cash dividends for 2018 at AED 0.74 per share are 6% higher than 2017, the bank said in a statement to the Abu Dhabi Securities Exchange (ADX).

“This is a record total for FAB and the highest dividend distribution in the UAE this year, reflecting our continued focus on delivering sustainable growth in shareholder returns,” FAB CEO Abdulhamid Saeed said.

Moreover, the bank’s board approved increasing foreign ownership in a bid to enhance the bank's liquidity and diversify its investor base.  

“[The decision] will work towards creating greater value and opportunities for all our stakeholders,” FAB added.

By the end of Monday’s session, FAB’s stock decreased by 0.92% at AED 15.02.