National Bank of Fujairah PSC (NBF) to distribute 39.2% of 2011 profit as cash dividend
AGM approves 2011 Annual Report; 2011 profit surges 64.4% to AED 280.9 million
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 10% (AED 110 million) of its paid-up capital, the Chairman's report and the consolidated financial statements for the year ended 31 December 2011. The shareholders have also approved the appointment and remuneration of the Bank's auditors for 2012.
H.H. Sheikh Saleh Bin Mohammed Al Sharqi, Chairman said:
"We are pleased with the Bank's solid set of results, which were achieved through a well-sustained, long-term growth strategy in which strong balance sheet management and credit loss reduction were key. This has allowed us to outperform the industry and deliver a good return to our shareholders for the second consecutive year despite the current challenging market conditions. The Bank remains committed to its role in developing the UAE economy and will continue to seek sustainable growth opportunities."
H.E. Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman commented:
"National Bank of Fujairah believes that good business opportunities exist across the UAE and we will continue to selectively grow our lending as these come to fruition. Backed by strong liquidity and prudent policies, we will continue to improve our market position through service differentiation and an enhanced focus on product development. The Bank's retail expansion in the Fujairah region continues unabated and we are beginning to see good progress in the other emirates. We will also continue to invest in improvements in technology, operational capabilities and network enhancements so as to become more responsive to customer needs and shareholder expectations."
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, KCVO, CBE. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 13 across the UAE.