Abu Dhabi First Bank’s profits rise 4% to AED 17.1 billion in 2024

 Abu Dhabi First Bank’s profits rise 4% to AED 17.1 billion in 2024 ..Net profit reached AED 4.2 billion in Q4

First Abu Dhabi Bank announced its financial results for 2024; the group’s net profit rose to AED 17.1 billion, an increase of 4% compared to last year, and revenues reached AED 31.6 billion, a growth of 15% compared to last year. Net profit before tax grew by 13% to AED 19.9 billion.

During the fourth quarter of 2024, net profit increased by 4% compared to last year to reach AED 4.2 billion, while revenues achieved an 11% growth compared to the fourth quarter of 2023, reaching AED 7.7 billion, according to a statement.

The Bank’s Board of Directors has recommended a cash dividend of 75 fils per share for the financial year ending 31 December 2024, with a total dividend of AED 8.3 billion, equivalent to 51% of the Group’s net profit available for distribution. The cash dividend distribution is subject to shareholders’ approval at the General Assembly Meeting scheduled to be held on 11 March 2025.

Double-digit growth in revenues from domestic operations, which increased by 11%, and international operations by 32% during 2024, supported the continued expansion of the asset base, while First Abu Dhabi Bank continued to strengthen its international activities in 20 key markets around the world.

Total assets increased by 4% compared to last year to reach AED 1.21 trillion as of the end of December 2024, in conjunction with a growth in loans, advances and Islamic financing by 9% compared to last year to reach AED 529 billion, and customer deposits increased by 3% compared to last year to reach AED 782 billion.

The strategic initiatives implemented by the bank throughout the year resulted in achieving a return on tangible equity of 16.8%, fully in line with the bank’s commitment to maintain this ratio at 16% or above in the medium term.

For his part, Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of the Board of Directors of the First Abu Dhabi Bank Group, said: “The performance of First Abu Dhabi Bank in 2024 is the culmination of consecutive years of growth in business volume and increased profitability, and reflects the success of the Group’s strategy in consolidating the bank’s position as the global bank of the United Arab Emirates.”

He added: “First Abu Dhabi Bank will continue its commitment to achieving sustainable value for its shareholders, as the Board of Directors recommends distributing cash dividends of 75 fils per share, totaling AED 8.3 billion for the year 2024.”