Abu Dhabi First Bank announced yesterday its financial results for the year 2024, as the group’s net profit increased to 17.1 billion dirhams, an increase of 4%, compared to last year, while revenues amounted to 31.6 billion dirhams, with a growth of 15%, and the net profit recorded, before calculating the tax , 13%growth, reaching 19.9 billion dirhams.
The bank stated that during the fourth quarter of 2024, the net profit increased by 4%, compared to last year, to 4.2 billion dirhams, while revenues achieved 11% growth compared to the fourth quarter of 2023, reaching 7.7 billion dirhams.
The bank’s board of directors recommended the distribution of cash dividends of 75 fils per share, for the fiscal year ending December 31, 2024, with total distributions of 8.3 billion dirhams, equivalent to 51% of the net profits of the group available for distribution. , Scheduled for March 11, 2025. The total assets increased by 4% compared to last year, to 1.21 trillion dirhams, in conjunction with the growth of loans, predecessors and Islamic finance by 9% to reach 529 billion dirhams, in what the dealers’ deposits achieved 3% to reach To 782 billion dirhams.
His Highness Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of the Board of Directors of Abu Dhabi Bank Group, said: “The performance of the first Abu Dhabi Bank in 2024 is the culmination of the march of successive years of growth in business volume and increased profitability, and reflects the success of the group’s strategy in establishing the bank’s position as the World Bank of the State The UAE”.
His Highness added: “Thanks to the economic growth witnessed by the state and the strategic achievements that included strengthening relations and developing them in the main economic markets, the bank achieved strong results last year, supported by increasing the volume of business, expanding sectors and providing innovative services, which strengthened the state’s position as a major center for money and business and body At the same time, the vision of the wise leadership aimed at creating an international business environment. ”
His Highness continued: “Abu Dhabi Bank will continue its commitment to achieving a sustainable value for its shareholders, as the Board of Directors recommends distributing cash dividends worth 75 fils per share with a total of 8.3 billion dirhams for the year 2024.”
He said: «Given the future, the bank will remain one of the main pillars in support of the achievement of future national visions that focus on innovation, sustainable growth, and link local, regional and international economies within a global financial system with distinction.
For its part, the CEO of Abu Dhabi Group, Hana Al -Rostamani, said: “The group achieved strong results during the year 2024, as a result of our continued provision of better value to our customers, and our application of our strategy aimed at establishing our position as a global bank for the UAE.”
Follow our latest local and sports news and the latest political and economic developments through Google News