First Abu Dhabi Bank, the UAE’s largest lender by assets, approved a dividend of Dh5.74 billion ($1.56 billion) for the financial year ended December 31, 2022, at its general assembly meeting on Tuesday.
The full-year cash dividend is Dh0.52 per share, the lender said in a statement.
Last month, FAB reported a record 7 per cent rise in its 2022 net profit, led by higher interest income and the strong performance of its core business.
Net profit attributable to shareholders for the 12-month period to the end of December surged to Dh13.4 billion from a year earlier.
“We continued to build on our strengths in 2022, with our dividend underpinned by our net profit of Dh13.4 billion and revenue of Dh23.9 billion, both being the highest on record for the group,” said Hana Al Rostamani, group chief executive at FAB.
“Our total assets crossing the Dh1.1 trillion mark, topping $300 billion for the first time.”
At its general assembly meeting, FAB also elected the board of directors, including first ever female member Mariam Al Mheiri, for the next three-year term, a statement from the firm said.
“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,” said Sheikh Tahnoun bin Zayed, chairman of FAB.
“By capitalising on the favourable macroeconomic conditions, FAB has been laying the foundations for a sustainable future.”
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
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A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
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The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
