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    EMIRATESNBD   AEE000801010

EMIRATES NBD BANK PJSC

(EMIRATESNBD)
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End-of-day quote Dubai Financial Market  -  05-17
13.25 AED   -0.75%
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UAE's biggest lender FAB posts record profit but shares fall

01/27/2022 | 01:08am EDT

DUBAI, Jan 27 (Reuters) - First Abu Dhabi Bank, the United Arab Emirates' biggest lender, posted a record net profit in 2021, fuelled by the country's economic recovery from the height of the COVID-19 pandemic.

Shares fell more than 3% however after the bank said it would pay a lower dividend this year than last, split for the first time into cash and shares.

Chief Executive Hana Al Rostamani said the investment banking business had had "an exceptional year". Earnings were helped by a 59% jump in non-interest income from a year earlier, driven by gains in investment banking and trading.

FAB reported a net profit of 12.53 billion dirhams ($3.41 billion) last year, up about 19% from 10.55 billion dirhams in 2020. According to Refinitiv Eikon data, the UAE lender was expected to report an annual net profit of 12 billion dirhams.

The bank also reported a fourth-quarter net profit of 3.3 billion dirhams, up 3% from a year earlier, which beat analysts' estimates.

Its proposed dividend of 0.70 dirhams per share was lower than the 0.74 dirhams paid out in 2020, which partly hurt FAB's share price on Thursday, one analyst said.

FAB shares were down 3.4% in afternoon trade, underperforming the benchmark Abu Dhabi index that fell 1.4%. The bank's shares are still up 5.6% year-to-date on improving earnings expectations amid higher interest rates.

The lender said the dividend will be split into 0.49 dirhams a share in cash and 0.21 dirhams as scrip dividend. New shares will be issued at 17.97 a share, it said.

Smaller rival Emirates NBD posted a 34% rise in annual profit on Wednesday.

FAB last year acquired the Egyptian unit of Bank Audi, which helped revenue from its international operations grow 26% year-on-year. ($1 = 3.6726 UAE dirham) (Reporting by Saeed Azhar; Editing by Shailesh Kuber, Shounak Dasgupta and Jan Harvey)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EMIRATES NBD BANK PJSC -0.75% 13.25 End-of-day quote.-2.21%
EURO / DIRHAM (EUR/AED) 0.31% 3.8572 Delayed Quote.-7.22%
FIRST ABU DHABI BANK P.J.S.C. -0.79% 20.1 End-of-day quote.7.93%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6726 Delayed Quote.0.00%
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Financials
Sales 2022 25 335 M 6 898 M 6 898 M
Net income 2022 10 408 M 2 834 M 2 834 M
Net Debt 2022 - - -
P/E ratio 2022 8,28x
Yield 2022 4,19%
Capitalization 83 694 M 22 786 M 22 786 M
Capi. / Sales 2022 3,30x
Capi. / Sales 2023 3,10x
Nbr of Employees 0
Free-Float 38,9%
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Number of Analysts 13
Last Close Price 13,25 AED
Average target price 17,39 AED
Spread / Average Target 31,3%
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Shayne Kieth Nelson Group Chief Executive Officer
Patrick Sullivan Group Chief Financial Officer
Ahmed bin Saeed Al-Maktoum Chairman
Abdulla Abdulrahman Qassem Group Chief Operating Officer
Hussain Hassan Mirza Al-Sayegh Director
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