Annual Report 2024

Global Connections for Sustainable Growth

FAB annual report 2024

Annual Report 2024

The UAE’s Global Bank

Learn more about our global presence

FAB annual report 2024

Annual Report 2024

2024 Milestones

FAB 2024 overview

Annual Report 2024

Powering the UAE Sustainability Agenda

FAB sustainability

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2024: A Year of Diversified Global Growth

With a vast global network, unparalleled regional expertise, and solid financial strength, FAB has become a driving force in the region’s economic growth.

The UAE’s Leading Bank

Total assets

AED

1.21

(USD 330 bn)

UAE market share

source: CBUAE's latest
available data, Oct 2024

Market capitalisation

AED

152

(USD 41.3 bn)

Diversified Revenue Streams

FAB’s diversified sources of income and international franchise are key competitive advantages that actively support the UAE’s national, regional, and international growth ambitions.

Group revenue

by geography

77%

UAE

23%

International

31.6

AED bn

Group revenue

by income source

62%

Net interest income

38%

Non-interest income

31.6

AED bn

Sustainable shareholder returns

cumulative dividend payout (2021-2024)

AED

27.2

bn (USD 7.4 bn)

average dividend payout (2021-2024)

47%

Diverse and strong
shareholding structure

37.9%

Mubadala Investment Company (MIC)

22.1%

Foreigners

22.1%

Other UAE entities/individuals

18.0%

Abu Dhabi Ruling Family

Top-ranked regional bank

Maintained top positions across IB league tables

#2 in MENA Loans (Deals closed);
#5 in MENA DCM, #1 in MENA
Green Loans, (Source: Bloomberg);
#4 in MENA ECM (Source: LSEG)

Top 3 among largest constituents on the Abu Dhabi benchmark (FTSE ADX15)

Top 15 among largest MENA constituents on most widely tracked Global EM indices

Among the strongest and safest banks globally

Strongest combined credit
rating among MENA banks

Aa3 / AA- / AA-

Moody’s / Fitch / S&P (Outlook: stable)

The UAE’s Global Bank

FAB’s global footprint across 20 markets is a key enabler of cross-border liquidity, trade, and investment flows.

Learn more

Global presence

Europe and Americas

United States • Brazil • Switzerland • France • United Kingdom

Middle East and Africa

UAE • Saudi Arabia • Kuwait • Oman • Bahrain • Iraq • Egypt • Libya

Asia Pacific

India • China (Shanghai) • China (Hong Kong) • South Korea • Singapore • Malaysia (Labuan) • Indonesia

AED

7.2

billion

+32% yoy

International revenue

23

Contribution to 2024 Group revenue (2023: 20%)

5

continents

20

markets

7500

first-party employees from 95 nationalities

4

total customers (including Ratibi)

63

coventional FAB branches in  the UAE

8

Islamic branches in the UAE

15

digital branches in the UAE

397

ATMs/CDMs in the UAE

Chairman’s Statement

Fuelled by the UAE's economic growth, FAB delivered strong results in 2024, supported by record business volumes, successful diversification and innovation.

First Abu Dhabi Bank’s performance in 2024 cements consecutive years of expanded scale and improved profitability, demonstrating steady progress against our Group strategy as the UAE’s global bank. In marking this significant milestone in FAB’s journey, we underscore our unwavering commitment to execute a forward-thinking strategy aimed at expanding capabilities and driving sustainable growth. This progress was achieved despite ongoing global economic and political challenges.

Sheikh Tahnoon bin Zayed Al Nahyan

Chairman

Read full note

Group Chief Executive Officer’s Statement

Our region continues to grow and expand and the opportunities to link the UAE and the Middle East with the rest of the world are immense. As the UAE’s global bank, FAB’s strategy is designed to help clients maximise those opportunities.

2024 was a strong year for First Abu Dhabi Bank (FAB). We achieved a net profit of AED 17.1 billion, driven by a 15% increase in revenue to AED 31.6 billion, and continued to deliver greater value to our clients in line with our strategic goals as the UAE’s global bank.

Total Assets

AED

1.21

Return on tangible equity

16.8

Group net profit

AED

17.1

Cash dividend per share

75

fils

(2023: 71 fils)

Hana Al Rostamani

Group Chief Executive Officer

Read full note

Group Chief Financial Officer’s Review

FAB delivered another solid performance in 2024, fuelled by continued business momentum, an unwavering focus on diversification, disciplined cost and risk management, and a robust balance sheet.

The Group enters 2025 on a strong footing, with an expanded global franchise, an increasingly diversified business platform, and unprecedented scale.

Lars Kramer

Group Chief Financial Officer

Read full note

Operating income

+15% yoy (CAGR +13%)

AED mn

2024

31,625

2023

27,471

2022

20,840

2021

21,681

Profit before tax

+13% yoy (CAGR +15%)

AED mn

2024

19,914

2023

17,551

2022

14,390

2021

13,187

Net profit

+4% yoy (CAGR +11%)

AED mn

2024

17,055

2023

16,405

2022

13,411

2021

12,531

Our Business Lines

FAB Investment Banking combines local expertise with international reach, offering award-winning deal origination, structuring, and distribution.

Revenue

AED

10.9

(+19% yoy)

35

expansion in IBG revenues across FAB’s international franchise.

Loans, advances,
and Islamic finance (net)

AED

252

(+15% yoy)

Customer deposits

AED

382

(+0.2% yoy)

#2 in MENA Loans

#5 in MENA DCM

#1 in MENA Green Loans

#4 in MENA ECM

A regional powerhouse providing world class hedging, risk management, market access, liquidity, and financing solutions to our clients globally.

In 2024, Global Markets expanded its product suite offering to originate and distribute risk solutions across a diverse client base in global centres and Abu Dhabi.

Revenue

AED

7.4

(+18% yoy)

FX volumes

AED

2.7

(+56% yoy)

RoRAE

30

Customer deposits

AED

269

(+3% yoy)

The UAE’s leading banking partner for large and medium-sized corporations, as well as micro, small, and medium enterprises.

Revenue

AED

7.2

(+5% yoy)

Increase in SME
lending

AED

4.3

(+30% yoy)

Loans, advances,
and Islamic finance (net)

AED

161

(+3% yoy)

Customer deposits

AED

162

(+3% yoy)

Global Finance

Best Bank for Transaction Banking - Middle East

Best Bank for Long-Term
Liquidity Management
Middle East

The Digital Banker

Best Bank for Transaction Banking Services Middle East

Best Bank for Transaction Banking Services United Arab Emirate

MEA Finance

Best Treasury Management Services

Best Online Banking Services

FAB Consumer Banking Group is a market leader in the UAE for all conventional and Islamic personal banking needs.

Revenue

AED

4.5

(+18% yoy)

74

CASA balances of customer deposits

Customer loans

AED

65

(+15% yoy)

Customer deposits

AED

90

(+17% yoy)

Global Finance

Best in Transformation (new initiatives: Insurance Marketplace, Gamification)

InsurTek Middle East Conference

Best Innovation Leveraging Mobile Banking App (insurance team)

MENA Marketing Awards

SMARTIES award for Amazon “What’s in the Box” ad campaign

FAB Private Banking specialises in creating bespoke solutions for high net worth individuals (HNWI) and ultra high net worth individuals (UHNWI) in the Gulf region and greater Middle East and north Africa, as well as select regions in Asia and Europe.

Revenue

AED

1.3

(+15% yoy)

Assets Under
Management (AUMs)

75

growth yoy

Customer loans

AED

27

(-7% yoy)

Customer deposits

AED

33

(+5% yoy)

MEA Finance Awards

Best Wealth Management Institution for HNWIs

Private Banker International Global Wealth Awards

Best Private Bank for Islamic Services

Wealth Briefing MENA 2024

Private Bank or Wealth Manager Servicing the Kingdom of Saudi Arabia Award

International Operations

FAB offers clients unparalleled connectivity across key business corridors.

Revenue

AED

7.2

(+32% yoy)

23

Contribution to Group operating income

International loans

AED

110

(+14% yoy)

International deposits

AED

172

(+15% yoy)

Revenue

AED

7.2

(+32.4% yoy)

Contribution to FAB operating income

22.6

International loans

AED

110.1

(+14.5% yoy)

International deposits

AED

172.3

(+15.0% yoy)

Yoy revenue growth by region

MEA

37.6

Asia

31.7

Europe and Americas

14.1 FAB Technology

FAB is at the forefront of digital innovation and consistently provides ‘best in class’ technology for its customers availing everyday banking products and services.

Our strategy
is focused on five key pillars:

Financial efficiency

Modernisation and service improvements

Talent and employee engagement

Risk remediation and regulatory compliance

Business and Technology collaboration

Key digital achievements in 2024

FABeAccess for corporate banking customers

FAB Business digitalisation

Website digital journey

Document management system

Fintechs engagement

HR next

Sustainability Review

In line with our commitment to support the UAE’s vision to promote sustainable economic growth, FAB remains committed to implementing its ESG strategy and achieving meaningful progress in collaboration with our stakeholders.

Download FAB 2024 ESG Summary

Powering the UAE Sustainability Agenda

First Abu Dhabi Bank (FAB), one of the world’s largest financial institutions and a recognised leader in sustainability, is committed to spearheading a sustainable future for the UAE, the region and the planet.

Read more about our sustainability journey

AED

500

(USD 136 bn)

In sustainable financing by
2030, pledged in 2023

Progress towards FAB
sustainable finance target

AED

15

(USD 4 bn)

Projects financed by green
bonds and green sukuk

AED

140

(USD 38 bn, 51% growth yoy)

Facilitated in sustainable financing in 2024

A History of firsts

1^st MENA bank

to issue a green bond

1^st MENA bank

to publish a Task Force on Climate-Related
Financial Disclosures report

1^st GCC bank

to have carbon
trading capabilities

Largest

sustainable finance
target in MENA

1^st UAE bank

to publish a
transition plan

1^st MENA bank

to be a signatory of Partnership for
Carbon Accounting Financials

1^st UAE bank

to issue a social bond

Best ESG scored bank in the Middle East by Refinitiv

1^st GCC bank

to commit to net
zero by 2050

MSCI ESG rating

FAB was recognised as the most sustainable
company in the Middle East and Africa
and among the World’s 500 Most Sustainable
Companies, according to TIME magazine and Statista

Corporate Governance

Our strong corporate values reinforce a culture of integrity and sustainable growth, guiding effective leadership decisions and ethical conduct across the organisation.
‍
H.H Sheikh Tahnoon bin Zayed Al Nahyan
Chairman

Download FAB 2024 Corporate Governance Report

Global Connections for Sustainable Growth

The UAE’s Global Bank

2024 Milestones

Powering the UAE Sustainability Agenda

2024: A Year of Diversified Global Growth

The UAE’s Leading Bank

Diversified Revenue Streams

Group revenue

by geography

Group revenue

by income source

Sustainable shareholder returns

cumulative dividend payout (2021-2024)

27.2

average dividend payout (2021-2024)

47%

Diverse and strongshareholding structure

Top-ranked regional bank

Maintained top positions across IB league tables

Top 3 among largest constituents on the Abu Dhabi benchmark (FTSE ADX15)

Top 15 among largest MENA constituents on most widely tracked Global EM indices

Among the strongest and safest banks globally

Strongest combined creditrating among MENA banks

The UAE’s Global Bank

Europe and Americas

Middle East and Africa

Asia Pacific

7.2

23

5

20

7500

4

63

8

15

397

Chairman’s Statement

Sheikh Tahnoon bin Zayed Al Nahyan

Chairman

Group Chief Executive Officer’s Statement

1.21

16.8

17.1

75

Hana Al Rostamani

Group Chief Executive Officer

Group Chief Financial Officer’s Review

Lars Kramer

Group Chief Financial Officer

Operating income

AED mn

Profit before tax

AED mn

Net profit

AED mn

Our Business Lines

10.9

35

252

382

In 2024, Global Markets expanded its product suite offering to originate and distribute risk solutions across a diverse client base in global centres and Abu Dhabi.

7.4

2.7

30

269

7.2

4.3

161

162

4.5

74

65

90

1.3

75

27

33

International Operations

7.2

Diverse and strong
shareholding structure

Strongest combined credit
rating among MENA banks