First Abu Dhabi Bank approves Dhs8.08bn cash dividends for 2020

UAE’s First Abu Dhabi Bank (FAB), Abu Dhabi’s biggest lender, has approved the distribution of 74 per cent cash dividends (Dhs0.74 per share), implying total cash dividends of Dhs8.08bn for the financial year ended December 31, 2020.

The approval came following its General Assembly Meeting on Sunday. Owners of FAB shares registered on March 10, 2021 (i.e. buyers on March 8, 2021) are entitled to the cash dividends.

At the general assembly, the appointment of André Sayegh as a new board member was approved. Sayegh was the group CEO of the bank, but was replaced by Hana Al Rostamani.

Al Rostamani is the first female CEO of the $44bn lender, and was previously the deputy group CEO and head of personal banking.

Read: Abu Dhabi lender FAB names Hana Al Rostamani as first female CEO

“The appointment of Hana Al Rostamani as FAB Group CEO is a historic milestone both for FAB and for the industry, and symbolises the UAE leadership’s vision and commitment to embracing our nation’s great potential,” said Sheikh Tahnoon Bin Zayed Al Nahyan, chairman of FAB.

At the general assembly, shareholders also approved FAB’s financial statements for the year ended December 31, 2020.

“We strengthened our position as the leading and most profitable bank in the UAE, delivering a full year 2020 net profit of Dhs10.6bn. We will continue to build on that momentum and our expertise to accelerate our digital transformation and meet our customers’ evolving needs through agility and innovation,” said Al Rostamani.

In January, FAB issued a $500m five-year sukuk, which is the lowest-ever yield on any five-year MENA bank USD issuance, issued at MS+90bps (all-in yield of 1.411 per cent) through FAB Sukuk Company Limited.

Read: UAE’s First Abu Dhabi Bank issues five-year $500m sukuk