Abu Dhabi – Mubasher: The shareholders of First Abu Dhabi Bank (FAB) approved, during the ordinary general meeting (OGM), to distribute 74% of the capital as cash dividends for fiscal year ended 31 December 2019.

The UAE leading bank will pay 74 fils per share as dividends totalling AED 8.08 billion for FY19, according to a press release on Monday.

FAB further noted that the dividends will be distributed to the entitled shareholders of record date on Thursday, 5 March.

It is noteworthy to mention that during 2019, FAB reported a 4% year-on-year (YOY) increase in net profits to AED 12.52 billion.

Meanwhile, the shareholders have elected the board members for the coming three years while approving to raise the number of the board to 11 members instead of nine.

In addition, the current deputy CEO of FAB Group, Andre Sayegh, has been nominated for holding the position of the CEO, successing Abdulhamid Saeed who has been appointed as a new board member.