FAB reports full year 2019 Group net profit of AED 12.5 Billion, up 4% year-on-year
Proposed dividend of 74 fils per share
First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, reported its financial results for the full year ended 31 December 2019 today.
Solid performance in a year of growth and transformation
- Full year 2019 Group Net Profit at AED 12.5 Billion, up 4% from AED 12.0 Billion in 2018
- Basic Earnings Per Share (EPS) at AED 1.10, compared to AED 1.06 the prior year
- Operating income at AED 20.2 Billion, up 4% year-on-year, driven by the solid underlying performance of our core businesses in a challenging environment
- Cost-to-income ratio (ex-integration costs) at an industry-leading level of 26.8%, reflecting cost discipline amidst investments in strategic and digital initiatives
- Annual run-rate cost synergy target almost fully met as of December-end 2019
Robust capital position and payout
- FAB’s Board of Directors, chaired by H.H. Sheikh Tahnoon Bin Zayed Al Nahyan, recommends the distribution of a cash dividend per share of 74 fils, implying total cash dividends of AED 8.08 Billion for the full year ended 31 December 2019
- Robust capital position with a Common Equity Tier 1 (CET1) ratio of 13.5%, up from 12.4% in 2018, and comfortably in excess of regulatory requirements
Other key financial highlights:
- Loans and advances at AED 408 Billion, up 16% year-on-year and 8% sequentially
- Customer deposits at AED 519 Billion, up 12% year-on-year and 9% sequentially
- Strong liquidity position and funding profile with Liquidity Coverage Ratio at 129%
- Healthy asset quality with Non-Performing Loan ratio at 3.2%, provision coverage ratio at 93%
- Return on Risk Weighed Assets (RoRWA) improved to 2.56%, up from 2.46% in 2018