First Abu Dhabi Bank (FAB) posted a profit before tax of Dh19.9 billion for 2024, up 13% year-on-year, driven by a 15% increase in revenue to Dh31.6 billion. Net profit after tax rose 4% to Dh17.1 billion, reflecting strong client activity, diversified income streams, and operational efficiencies.
FAB’s Board recommended a cash dividend of 75 fils per share, totalling Dh8.3 billion, or 51% of the distributable group net profit. Shareholder approval is expected at the bank’s Annual General Meeting on March 11, 2025.
Total assets increased by 4% to Dh1.21 trillion, with loans, advances, and Islamic financing up 9% to Dh529 billion. Customer deposits grew by 3% year-on-year to Dh782 billion, supporting the bank’s expansion both domestically and internationally. Return on tangible equity (RoTE) stood at 16.8%, aligning with medium-term guidance.
FAB’s domestic revenue grew 11%, while international revenue surged 32%, with its global franchise contributing 23% to total group revenue, up from 20% in 2023.
Growth across key segments
Investment banking revenue grew by 19%, maintaining top rankings across MENA investment league tables. Global Markets revenue rose 18%, driven by higher client activity and expanded offerings. Corporate and Commercial Banking benefited from increased lending, deposits, and digital service innovations for SMEs.
Retail banking gained momentum, with a 20% increase in new-to-bank customers and a 15% growth in lending. CASA balances also expanded significantly, contributing to a 17% growth in deposits. Private Banking saw a 75% rise in assets under management.
FAB advanced its AI strategy by launching in-house conversational analytics tools and the ‘AI Innovation Hub’ in partnership with Microsoft. The bank’s ESG initiatives saw Dh267 billion in sustainable and transition financing, over half of its Dh500 billion target by 2030. Green and social bonds outstanding reached $4.1 billion, and financing for SMEs grew 30% year-on-year to Dh4.3 billion.
