FAB: Full Year 2018 Group Net Profit at Dh12.0 Billion, up 10 Percent Year-On-Year

Press release
Published January 31st, 2019 - 12:46 GMT
FAB proposes cash dividend per share of 74 fils
FAB proposes cash dividend per share of 74 fils

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 2018 today.

Strong set of results in second year post-merger

  • Full year 2018 Group Net Profit at AED 12.0 Billion, up 10% from AED 10.9 Billion in 2017
  • Basic Earnings Per Share (EPS) at AED 1.06, compared to AED 0.96 in 2017
  • Operating income of AED 19.4 Billion, broadly in line with 2017 Group revenue which included opportunistic investment gains and higher property-related income

Proposed cash dividend per share of 74 fils  

  • FAB’s Board of Directors recommend the distribution of a cash dividend[1] per share of 74 fils, implying record total cash dividends of AED 8.0 Billion for 2018, up 6% year-on-year

UAE integration journey successfully completed

  • Successful unification of legacy systems in Q4 was the final milestone of the UAE’s integration journey
  • Around 75% of 2020 cost synergy run-rate target has been achieved so far 
  • Full year 2018 cost-to-income ratio (excluding integration costs) improved to 25.9%, down from 27.7% in 2017

FAB starts 2019 from a position of strength

  • Total assets at AED 744 Billion, up 11% year-on-year
  • Loans and advances at AED 353 Billion, up 7% year-on-year
  • Customer deposits at AED 465 Billion, up 18% year-on-year
  • Strong liquidity position and funding profile with Liquidity Coverage Ratio at 118%
  • Healthy asset quality with Non-Performing Loan ratio at 3.1%, and adequate provisions coverage at 110%
  • Improved profitability with Return on Tangible Equity at 16.2%, up from 14.6% as of December-end 2017
  • Capital position is robust with Common Equity Tier 1 (CET1) ratio at 14.0%, or 12.4% post proposed dividend, comfortably in excess of regulatory requirements

Commenting on the results, His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB, said:

“FAB’s financial results for 2018 round off a remarkable year of achievements for the bank. A further highlight was the successful completion of the bank’s IT systems integration in December, allowing us to finalise our UAE integration journey in less than two years. This is not just an unprecedented achievement locally and regionally, but also internationally, in light of the entailed complexity in bringing two large entities together under one single platform.”

In line with our commitment to maximise shareholder returns, the bank’s Board of Directors has recommended to distribute a cash dividend of 74 fils per share for the year ended 31 December 2018. This brings total cash dividends for the year to AED 8.0 Billion, a 6% increase compared to 2017, and a reflection of FAB’s continued strength.

His Highness added: “FAB’s second year of operations witnessed a number of major successes. During the year the bank secured the Capital Market Authority (CMA) and Saudi Arabia Monetary Authority (SAMA) licenses for its KSA operations. During the fourth quarter, the bank also launched the Abu Dhabi Government's digital payment portal, developed in collaboration with the Abu Dhabi Smart Solutions and Services Authority, and supporting a ‘smart’ cashless economy in line with the Abu Dhabi Vision 2030 and the Ghadan 2021 development program. ”

Abdulhamid Saeed, Group Chief Executive Officer, added: 

"First Abu Dhabi Bank registered a strong set of financial results in the second year post-merger, with the Group's net profit increasing 10% year-on-year to AED 12.0 Billion, as we continued to cement our leading market position both in corporate and personal banking, while realising significant operating efficiencies and maintaining strong capital, liquidity and risk ratios. Last year, the bank also firmly established itself as the largest UAE company by market capitalisation.

Being the Year of Zayed, 2018 will always be remembered as a special year. Operationally, it will stand out as the year we concluded our UAE integration journey, completing all required milestones on schedule, and allowing us to provide enhanced banking products and services to our customers.

Having completed our UAE integration journey, which has been a core focus for the past two years, the bank will begin to unlock its full potential to continue to maximise shareholder value, while creating more opportunities for customers, employees, and communities to grow stronger together. Throughout 2019, the UAE’s Year of Tolerance, we aim to build bridges between people, markets and cultures at home and abroad across our businesses and the geographies we operate within.”

Background Information

First Abu Dhabi Bank

FAB, the UAE’s largest bank and one of the world’s largest and safest institutions, offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.

توقيف 41 شخصا في مظاهرات الجزائر

Published February 23rd, 2019 - 09:07 GMT
توقيف 41 شخصا في مظاهرات الجزائر
توقيف 41 شخصا في مظاهرات الجزائر

أعلنت المديرية العامة للأمن الوطني (الشرطة) الجزائرية، مساء الجمعة، توقيف 41 شخصا في مظاهرات شهدتها عدة مدن ضد ترشح الرئيس عبد العزيز بوتفليقة لولاية خامسة في انتخابات 18 أبريل/ نيسان القادم.

وأكدت إدارة الشرطة في بيان اطلعت عليه وكالة الاناضول أن عمليات التوقيف كانت بسبب “الإخلال بالنظام العام والاعتداء على القوة العامة وتحطيم الممتلكات” دون تقديم تفاصيل أكثر حول أماكن توقيف هؤلاء المتظاهرين.

والجمعة، استجاب آلاف المواطنين بعدة محافظات جزائرية، إلى دعوات للتظاهر تم تداولها عبر شبكات التواصل، ضد ترشح بوتفليقة (81 عاما) لولاية خامسة في انتخابات الرئاسة المقررة في 18 أبريل/ نيسان القادم.

واتسمت هذه المظاهرات بالسلمية في أغلب مناطق البلاد باستثناء حدوث مواجهات بين قوات مكافحة الشغب ومتظاهرين بوسط العاصمة خلال محاولتهم السير نحو القصر الرئاسي .

ووفق شهود عيان لجأت قوات الأمن إلى الغاز المسيل للدموع وتوقيف عدة أشخاص بعد تحذيرات للمتظاهرين وتعرضها للرشق بمقذوفات وحجارة قبل أن يتراجع المحتجون ويغادروا المكان.

وصبيحة اليوم نشر ناشطون معلومات عبر شبكات التواصل الاجتماعي حول توقيف عدد من زملائهم قبل بداية المظاهرات بالعاصمة.

وعلقت الرابطة الجزائرية للدفاع عن حقوق الإنسان (مستقلة) على بيان الشرطة بالمطالبة ب”الإفراج الفوري عن الموقوفين وان يتم احترام حق التظاهر سلميا” كما نشرت على صفحتها بموقع “فيسبوك”.


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