National Bank of Fujairah PJSC (NBF) dividend 31.7% of net profit

NBF held its Annual General Assembly Meeting (AGAM) today at Novotel Hotel, Fujairah, United Arab Emirates, where shareholders approved the distribution of profits of 15% of paid-up capital. This took the form of cash dividends of 7.5% (AED 88.7 million) and bonus shares of 7.5% (AED 88.7 million) of paid-up capital.

The bank’s shareholders also approved the chairman’s, directors’, sustainability and corporate governance reports as well as the consolidated financial statements for the year ended 31 December 2015. They also approved the appointment and remuneration of the bank’s external auditors for 2016. The Board of Directors’ remuneration proposal of 0.5% (AED 2.75 million) of the net profit for its members was also approved.

His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said:

“2015 was another good year for NBF, especially considering the unprecedented developments in the global economy. The bank made excellent progress in the face of rapidly-changing market conditions, underscoring the effectiveness of its long-term outlook, its strong market positioning, the dedication of our employees and the support and confidence of our stakeholders. In 2016, we will continue to devote our attention towards enhancing our service suite and remain vigilant in the face of challenging market conditions. We are confident of the bank’s long-term prospects and will continue to seek out further opportunities for growth. Likewise, we have no doubt that the UAE will continue to shine brightly as a beacon of hope in the region, and look forward to playing our part in its ongoing success.”

His Excellency Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman commented:

“It gives me great pleasure to see the steady growth achieved by NBF. Our strategy is dependent on the strength of our core businesses and our unrivalled customer focus. Over the course of the year, we were able to capitalise on the opportunities within the local economy to deliver another outstanding performance. The growing string of industry accolades is further proof of the bank’s rising stature as a leader in corporate and commercial banking. We are confident that by maintaining an unwavering focus on risk management, financial prudence and sustainability, effective execution and transparency, the bank will continue to make good progress over the years. Finally, I would like to express my appreciation and gratitude to all the employees of NBF, whose dedication and hard work form the building blocks for the bank’s current and future success.”