Abu Dhabi – Mubasher: The shareholders of First Abu Dhabi Bank (FAB) approved cash dividends worth AED 5.74 billion, representing 52% of the paid-up capital, for 2022.

The UAE lender will pay out a dividend of AED 0.52 per share, according to a press release.

Last year, the net profits attributable to the equityholders of FAB reached AED 13.41 billion, up 7% from AED 12.53 billion in 2021.

Basic and diluted earnings per share (EPS) increased to AED 1.18 in 2022 from AED 1.10 in 2021, whereas the operating income dropped by 4% to AED 20.84 billion from AED 21.68 billion.

Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, highlighted: “2022 was a year of continued strategic diversification and expansion for the UAE and regional economies, which posted their fastest economic growth in a decade.”

Al Nahyan continued: “In line with our firm commitment to creating long-term sustainable value for our shareholders, FAB’s board of directors is pleased to announce cash dividends totalling AED 5.74 billion for 2022, up 7% from 2021.”

Hana Al Rostamani, Group CEO at FAB, said: “We continued to build on our strengths in 2022, with our dividend underpinned by our net profit of AED 13.40 billion and revenue of AED 23.90 billion, both being the highest on record for the group, and our total assets crossing the AED 1.10 trillion mark, topping $300 billion for the first time.