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Mon 25 Feb 2019 08:05 PM

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Shareholders of UAE's largest bank approve record $2.2bn dividends

First Abu Dhabi Bank's general assembly meeting also approves plan to increase foreign ownership limit to 40%

Shareholders of UAE's largest bank approve record $2.2bn dividends
First Abu Dhabi Bank is the UAE’s largest bank.

Shareholders of First Abu Dhabi Bank (FAB), the UAE’s largest bank, approved record dividends of AED8.06 billion ($2.19 billion) at its general assembly meeting in Abu Dhabi on Monday.

During the meeting, the distribution of 74 percent cash dividends (AED 0.74 per share) for the financial year ended 31 December 2018 were approved, a statement said.

Shareholders also approved FAB’s financial statements for the year in addition to the bank’s proposition to increase its foreign ownership limit from 25 percent to 40 percent, subject to regulatory approvals, it added.

Abdulhamid Saeed, Group CEO of FAB, said: “Consistent with our commitment to maximise shareholder returns, we are pleased to announce the distribution of 74 percent cash dividends, totalling AED 8.06 billion, an increase of 6 percent from last year.

"This is a record total for FAB and the highest dividend distribution in the UAE this year, reflecting our continued focus on delivering sustainable growth in shareholder returns.”

He added: “Having completed our integration journey, the bank is well positioned to unlock its full potential and to continue to maximise shareholder value in 2019 and beyond. The decision to increase the foreign ownership limit is also aimed at further enhancing our liquidity and diversifying our investor base, which in addition to our other initiatives, will work towards creating greater value and opportunities for all our stakeholders.”

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