National Bank of Fujairah PSC to distribute 40% of 2010 profit as cash dividend
AGM approves 2010 Annual Report; 2010 bank profits rise to AED 170.9 million, up 64% from the previous year
National Bank of Fujairah PSC (NBF) held its Annual Ordinary General Meeting today at Al Diar Siji Hotel in Fujairah, United Arab Emirates (UAE), where shareholders approved the cash dividend of 6.2% (AED 68.2 million) of paid-up capital, the Chairman's report and the Bank's consolidated financial statements for the year ended 31 December 2010. The Board of Directors was also re-appointed for another term of three years.
H.H. Sheikh Saleh Bin Mohammed Al Sharqi, Chairman commented:
"We are pleased to announce the Bank's return to its dividend policy after a two-year interval, re-affirming our well-balanced strategy, financial stability and sustained profitable operations in the UAE. We remain committed to our developmental role in the local economy and continue to add value to our shareholders by adopting prudent policies and best practices."
H.E. Sir Easa Saleh Al Gurg, Deputy Chairman commented:
"The Bank's strategy going forward is to grow its business prudently and efficiently in the local economy in core areas of Corporate and Commercial Banking, Trade Finance and Treasury. Our successful business proposition in the Fujairah Region will continue to be developed and extended to other Emirates in line with the Bank's diversification strategy. The Bank will continue to strengthen its position by honing its customer-centric approach and product focus, while continuing the search for new lending opportunities as the market continues to recover."
About National Bank of Fujairah PSC:
Incorporated in 1982, National Bank of Fujairah PSC (NBF) is a full services corporate bank with strong wholesale banking and trade finance expertise. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF's key shareholders include the Government of Fujairah, the Government of Dubai and business pioneer and community leader H.E. Sir Easa Saleh Al Gurg. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 12 across the UAE