National Bank of Fujairah approves dividend of 13.5%

FUJAIRAH, The National Bank of Fujairah, NBF, approved the distribution of profits of 13.5 percent of paid-up capital in the form of cash dividends of 10 percent (AED 185 million) and bonus shares of 3.5 percent (AED64.8 million) of paid-up capital.

During its Annual General Assembly Meeting today, shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’a Supervisory Committee report for NBF Islamic, the Islamic banking window of NBF. In addition, the bank’s Corporate Governance Report and the consolidated financial statements for the year ended 31st December, 2019, were discussed and approved. The shareholders confirmed the appointment and remuneration of the bank’s new external auditors, Ernst and Young, and Internal Shari’a Committee members for NBF Islamic for 2020. The Board of Directors’ remuneration proposal of 0.9 percent of the net profit, after deducting all depreciation and reserves, for its members was also approved.

Also, the shareholders considered and approved the suspension of deduction for the statuary reserve, which amounted to 50 percent of the bank’s share capital.

Through a special resolution, the shareholders considered and approved the amending of the bank’s Articles of Association to allow for the electronic voting and invitations mechanism.

Sheikh Saleh bin Mohammed bin Hamad Al Sharqi, NBF Chairman, said, “The Board is pleased with the resilient performance, robust liquidity, solid capital adequacy and healthy returns achieved in 2019 in the face of a difficult operating environment. Amidst the outbreak of COVID 19, NBF is taking appropriate measures to protect its business and stakeholders whilst it plays its part in supporting the wider economy during this time. In 2019,operating income experienced a growth of 8.5 percent at AED1.7 billion.”

“I place on record the board’s appreciation and acknowledge the significant contributions of Easa Saleh Al Gurg, KCVO, CBE, Deputy Chairman, for more than three decades in developing NBF into a leading financial institution in the UAE. Finally, I would like to thank our customers, shareholders and investors for their staunch support and our dedicated staff for their tremendous efforts in building the group,” he added.

Al Gurg said, “Our 2019 results underscore the group’s ability to deliver real value to our customers and to support them as a consistent, reliable and transparent partner. Our balance sheet remains solid with healthy capital and liquidity ratios and we are confident that our prudent business model shall continue to deliver a solid performance through the careful management of the opportunities and challenges that will present themselves in 2020.”

Source: Emirates News Agency