First Abu Dhabi Bank (FAB) reported full-year 2024 net profit of AED 17.1 billion, a 4 per cent increase on the prior year, as total revenue surpassed AED 30 billion for the first time in the bank's history.
Profit before tax reached AED 19.9 billion, up 13 per cent. The gap between the two measures reflects the UAE's corporate tax framework, which applied to calendar-year companies such as FAB for the first full year in 2024.
REVENUE AND INTERNATIONAL FRANCHISE
Group revenue reached AED 31.6 billion for the full year, up 15 per cent on a year-on-year basis. International franchise revenue rose 32 per cent.
FAB's international operations span major financial centres across the MENA region, Europe, Asia, and the Americas, giving the bank a network through which it facilitates trade finance, capital markets transactions, and corporate banking services for clients with multi-jurisdictional requirements.
Total assets closed the year at AED 1.21 trillion.
DIVIDEND PROPOSAL
The board proposed a dividend of 75 fils per share, representing a total payout of AED 8.3 billion to shareholders. The proposed distribution is subject to shareholder approval at the annual general meeting.
Pre-tax profitability is growing at a considerably faster rate than the post-tax line, reflecting the step-up in FAB's effective tax rate in 2024, the first year of UAE federal corporate tax for the bank.