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Annual Report 2020

Against the turbulent and uncertain backdrop of 2020, FAB showcased strength, resilience and adaptability while supporting our customers, employees and communities in navigating unprecedented times. We focused not only on the immediate challenges created by the pandemic, but also on positioning ourselves for future success, making significant progress against our strategic agenda, accelerating our digital transformation journey and unlocking value for our stakeholders.

Key Financial Highlights as of 31 December 2020

A resilient performance during an unprecedented year

COVID-19 Response

Starting in February 2020 and continuing through the year, the Bank acted with foresight and focus to ensure the health and safety of our employees and customers, while accelerating our digital transformation to maintain service and operational continuity.

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Strategic Review


H.H. Sheikh Tahnoon Bin Zayed Al Nahyan

“During these challenging and uncertain times, FAB has remained steadfast in the face of adversity, supporting our customers, employees and communities, and delivering on our commitment to stakeholders.”

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Hana Al Rostamani

“As the leading UAE bank, FAB remained resilient in navigating the multiple challenges of 2020, reflecting our enduring commitment to the economic prosperity of our nation, and our unwavering support to our customers, employees and communities.”

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James Burdett

“FAB delivered a resilient performance throughout 2020, achieving a full-year Group Net Profit of AED 10.6 billion and maintaining a robust foundation for growth in one of the most challenging years on record for our markets and our industry.”

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Market Overview

The unprecedented events of 2020 have shaken economies and markets across the globe, and the subsequent measures implemented by governments around the world to stem the COVID-19 pandemic and protect public health have posed significant challenges to financial markets and businesses.

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Business Model

Our robust foundation with a strong balance sheet and solid fundamentals enables us to serve our customers, safeguard our employees and support our communities, while delivering superior and sustainable returns for our shareholders.

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Group Strategy

FAB’s Group Strategy defines our ambitions, focus areas and propellants. Our strategy is constantly evolving to reflect changing market dynamics and is executed with pride and precision by our diverse workforce across our operating divisions and geographic footprint.

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Risk Management

FAB’s Risk Management Strategy includes our comprehensive Enterprise-wide Risk and Compliance Risk Frameworks, which are fully aligned with our Group Vision to drive consistent value for stakeholders through the optimisation of risk and reward.

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Operational Review

Corporate & Investment Banking Group

During a particularly challenging year marked by significant market disruptions, FAB’s Corporate and Investment Banking Group achieved a solid performance, leveraging our regional expertise, market-leading product platforms, superior credit ratings and financial strength to provide support to our clients and help them successfully navigate unprecedented conditions.

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Personal Banking Group

In a year that put unprecedented pressure on our business and our customers, the FAB Personal Banking Group redoubled our efforts to ensure that our large and diverse customer base enjoyed the services and support to manage their financial needs and feel secure in their interactions with FAB.

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Our Digital Transformation Journey

In line with our ongoing digital transformation strategy, and further accelerated by the increasing digital needs of our customers during the COVID-19 pandemic, FAB built on the strong momentum of 2019 to deliver innovative payment solutions, launch new banking services, continue our process automation journey, digitalise customer touchpoints and much more during 2020.

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Our People

During a year of uncertainty and change, FAB kept focus on the health and wellbeing of our talented and diverse workforce, putting in place stringent measures in response to the COVID-19 pandemic, while continuing to attract, engage, develop and retain talent at every level of the Bank.

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Our Approach to Sustainability

We recognise the importance of integrating sustainability in our corporate culture and business strategy. Our focus is to generate long-term stakeholder and shareholder value. We will continue to strengthen our ESG performance, demonstrate leadership and implement best practice throughout our organisation.

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Corporate Governance

As the largest bank in the UAE, FAB is committed to achieving best practice practices in corporate governance, business integrity and professionalism. Its Board-approved Corporate Governance Framework is aligned with the Bank’s strategic objectives and reflects applicable regulatory guidelines, including those of the Central Bank of the UAE and its other regulators.

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First Abu Dhabi Bank

First Abu Dhabi Bank P.J.S.C

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