First Abu Dhabi Bank announces $2bn cash dividends

27/02/2018 05:57 AST

First Abu Dhabi Bank (FAB), one of the world’s largest financial institutions based in the UAE capital, is set to distribute 70 per cent cash dividends worth Dh7.6 billion ($2.1 billion) to its shareholders for 2017, up 11 per cent compared to the previous year.

Announcing this at the annual general assembly meeting held at FAB’s head office in Abu Dhabi, Group CEO Abdulhamid Saeed said: "2017 was a solid first year for the bank, with its resilient performance reflecting the strategic rationale of the merger, as well as the trust and confidence our shareholders have in us."

"In line with our commitment to maximise shareholder value and deliver top returns, we are very pleased to announce the distribution of 70 per cent cash dividends, totalling Dh7.6 billion. Up by 11 per cent compared to 2016, this is the highest dividend amount distributed by the legacy banks historically," remarked Saeed.

The dividends equal to Dh 0.70 per share will be only given to registered, entitled shareholders for the financial year ended December 31, 2017, he stated.

"Owners of FAB shares registered on March 7, 2018 (i.e. buyers on March 5, 2018) are entitled to cash dividends," he added.


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