Is FAB Leading the UAE’s Sustainable Finance Revolution?
In 2024, First Abu Dhabi Bank has once again delivered solid financial results, marking consecutive years of growth in both scale and profitability. The Group's net profit for the year reached AED 17.1 billion, representing a 4 percent increase compared to the previous year. This remarkable achievement was driven by a significant 15 percent rise in revenue to AED 31.6 billion. Furthermore, FAB saw its profit before tax grow by 13 percent, nearing AED 20 billion, a reflection of increased client activity, strong business volumes, and ongoing operational efficiencies across its franchise.
A Strong Finish to 2024
FAB’s performance remained robust throughout the year, with net profit for the fourth quarter (Q4) of 2024 hitting AED 4.2 billion, up 4 percent year on year. Q4 revenue also showed solid growth, rising 11 percent to AED 7.7 billion compared to the same period last year. These results further strengthen FAB’s position as the UAE’s premier global bank, known for its consistent ability to grow and diversify income streams while maintaining efficient operations.
Solid Dividends and Asset Expansion
FAB’s Board of Directors is recommending a cash dividend of 75 fils per share for 2024, which amounts to a total payout of AED 8.3 billion. This represents 51 percent of the Group’s net profit available for distribution, and shareholders will vote on this proposal during the bank’s Annual General Meeting scheduled for 11 March 2025.
The bank's asset base also grew significantly in 2024, with total assets increasing by 4 percent to AED 1.21 trillion. Loans, advances, and Islamic financing rose by 9 percent year on year to AED 529 billion, while customer deposits grew by 3 percent, reaching AED 782 billion. This solid asset expansion was supported by double-digit revenue growth in both FAB's domestic (11 percent) and international (32 percent) franchises, further expanding its global footprint across 20 key financial markets.
Key Leadership Comments
FAB’s Chairman, His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, reflected on the bank’s achievements, stating, “FAB’s performance in 2024 reflects consecutive years of expanded scale and profitability. As the UAE’s global bank, FAB’s strategy aligns with the nation’s vision of an open, efficient, and globally integrated business environment, making us a key enabler of the UAE's global aspirations.”
Meanwhile, Hana Al Rostamani, FAB’s Group Chief Executive Officer, expressed pride in the bank’s strategy and results. She noted, “Our balance sheet strength, solid capital, and liquidity positions have allowed us to deliver resilient growth. Our diversification across customer segments and the success of our international franchise, where revenue grew 32 percent, have been vital to this performance.”
Expansion of Services and Technology
FAB’s wholesale and retail banking services saw continued growth in 2024. The bank’s Investment Banking division reported a 19 percent increase in revenue, while Global Markets revenue grew by 18 percent. Retail banking momentum also accelerated, with a 20 percent rise in new customers and a notable 15 percent increase in lending. In private banking, assets under management surged by 75 percent.
In addition to expanding its service offerings, FAB also made strategic investments in technology. Notably, the bank launched an AI Innovation Hub in partnership with Microsoft and introduced its first in-house conversational analytics tool. These innovations have not only enhanced the customer experience but also streamlined operations and improved risk management.
Leading the ESG Movement
FAB has made significant progress on its ESG goals. The bank has facilitated AED 267 billion of sustainable and transition financing projects to date, which represents over half of its 2030 target of AED 500 billion. FAB also remains a leader in green and social bonds and sukuk issuances, with USD 4.1 billion in outstanding bonds. Moreover, the bank has continued its commitment to financial inclusion, providing over AED 4.3 billion in new financing to SMEs during 2024, a 30 percent increase from the prior year.
Looking Ahead
With 2024 now behind us, FAB’s leadership is looking to the future with confidence. As Group CFO Lars Kramer emphasised, “Our diversified business model and solid balance sheet fundamentals position us well for continued profitable growth. We are fully focused on driving shareholder returns and achieving our long-term financial targets.”
FAB’s focus on innovation, sustainability, and global growth reflects its ambition to remain a leading player in the UAE and the broader financial ecosystem. As the UAE’s global bank, FAB is well-positioned to support the country's economic growth and foster deeper connections between regional and international markets.
As we are in 2025, FAB’s performance and strategic initiatives suggest a bright future ahead, with the bank continuing to play a vital role in driving innovation and connecting economies within a world-class financial ecosystem.
