FAB Reports Strong Growth Driven by UAE's Economic Boom

First Abu Dhabi Bank (FAB) achieved AED17.1 billion net profit in 2024, marking significant revenue growth driven by strategic expansion and innovation. The bank aims to support the UAE's vision for economic advancement.


FAB Reports Strong Growth Driven by UAE's Economic Boom

Based on economic growth, FAB and the strategic steps of the bank for developing relationships with key economic partners and markets, First Abu Dhabi Bank (FAB) achieved significant results in the past year, reinforced by record-breaking business volumes, successful diversification, and innovations. The bank's achievements strengthened the nation's position as a leading financial and business center, realizing a vision of leadership for creating an open, effective, and globally integrated business environment.

The data confirms the continued growth of FAB's scale and profitability, cementing its position as a global bank. The net profit for the fourth quarter of 2024 reached 4.2 billion dirhams, which is 4 percent higher than the previous year's level, while withdrawals during this period increased by 11 percent to 7.7 billion dirhams.

Supported by dual-digit growth in withdrawals both in the domestic market (11 percent) and international market (32 percent), the bank expanded its asset base in 2024, increasing its international presence in 20 key financial markets. Total assets by the end of 2024 increased by 4 percent to 1.21 trillion dirhams, with the growth of loans, financing, and Islamic financing at 9 percent year-over-year to 529 billion dirhams and increased client deposits at 3 percent year-over-year to 782 billion dirhams.

The net profit of the FAB group reached 17.1 billion dirhams, which is 4 percent higher than the level of the previous year, with a 15 percent increase in withdrawals to 31.6 billion dirhams. The profit before taxes increased by 13 percent to 19.9 billion dirhams due to higher client activity, growing business volumes, and diversified income. According to FAB's chairman Sheikh Tahnoon bin Zayed Al Nahyan, who is recognized as a leading player in green and social bond markets, the bank continues to play a key role in realizing its vision, ensuring sustainable growth and innovation.