National Bank Of Fujairah Approves 20% Dividend

FUJAIRAH, (UrduPoint / Pakistan Point News / WAM - 18th Mar, 2019) The National Bank of Fujairah, NBF, held its Annual General Assembly Meeting today, where shareholders approved the distribution of profits of 20 percent of paid-up capital. This took the form of cash dividends of 7.5 percent (AED 23.3 million) and bonus shares of 12.5 percent (AED205.6 million) of paid-up capital.

The bank’s 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 2018 were discussed and approved.

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 2019. The board of Directors’ remuneration proposal of 0.8 percent of the net profit, after deducting all depreciation and reserves, for its members was also approved.

Through a special resolution, the shareholders considered and approved the increase in ceiling of non-convertible additional Tier 1 capital instruments by US$500 million for the purposes of strengthening the Bank’s capital base, taking the Tier 1 capital ceiling to $636.

1 million.

Commenting on the meeting outcomes, H.H. Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, NBF Chairman, said, "I am pleased to record that NBF’s best ever annual performance occurred in 2018, when the bank achieved its highest operating profit of AED1.1 billion, up 15.2 percent over 2017 operating profit of AED913.6 million."

"At the same time, the Group exhibited robust quality business growth and proactive asset and liability management in the face of low economic activity and volatile conditions in the global markets. On behalf of the Board, I am pleased to report the increase in dividend distribution from 15 percent to 20 percent of capital," he added.

For his part, Easa Saleh Al Gurg, NBF Deputy Chairman, said, "Remarkable results in 2018 are a testament to our resilience and consistent focus on our customers to be the financial partner for businesses in the UAE. Our strong financial and prudent risk positioning, customer centric approach and engaged work force will enable us to continue our growth progression in 2019 and not only achieve steady returns for our shareholders but also deliver on our promise to our clients, people and communities."