First Abu Dhabi Bank (FAB), the UAE’s largest bank, has successfully concluded its Annual General Assembly Meeting (GAM) at FAB’s head office in Abu Dhabi.
During the meeting, the distribution of 70 per cent cash dividends (AED 0.70 per share) for registered, entitled shareholders for the financial year ended 31 December 2017 were approved. Owners of FAB shares registered on 07/03/2018 (i.e. buyers on 05/03/2018) are entitled to cash dividends. FAB’s financial statements for the year ended December 31, 2017 were also approved during the GAM.
“2017 was a solid first year for FAB, with the bank’s 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 AED 7.6 Billion. Up by 11 per cent compared to 2016, this is the highest dividend amount distributed by the legacy banks historically,” said Abdulhamid Saeed, Group CEO of FAB.
All items on the GAM agenda were discussed and approved during the event.