The Banking Executive Magazine - January 2022 Issue

First Abu Dhabi Bank First Abu Dhabi Bank's FULL-YEAR NET PROFIT JUMPS 19% TO $3.4BLN First Abu Dhabi Bank (FAB), the UAE’s biggest lender, reported a “record performance” in 2021, driven by the UAE’s economic recov- ery and positive momentum across its core businesses. The bank’s full-year 2021 net profit reached 12.5 billion dirhams ($3.4 billion), up 19 percent from 10.6 bil- lion dirhams a year ago. Annualised earnings per share for the group also rose by 20 percent to 1.12 billion dirhams, while total assets ex- ceeded 1 trillion dirhams, up nine percent year-on-year. During the year, the bank’s customer deposits reached 614 billion dirhams, registering a 14 percent year-on-year growth. Loans, ad- vances and Islamic financing also grew by 6 percent to 410 billion dirhams. With the positive performance, the FAB’s board of directors recom- mended dividends per share of 70 fils, which will be split into 49 fils in cash and 21 fils as scrip dividend. ISSUE 157 JANUARY 2022 the BANKING EXECUTIVE 17