National Bank of Fujairah to distribute 36.0% of 2012 profit as cash dividend
Shareholders approve 2012 Annual Report and the issuance of capital instruments in support of bank’s continued growth; 2012 operating profit grew 21.6% to AED 479.5 million
National Bank of Fujairah PSC (NBF) held its Annual Ordinary General Meeting (AGM) today at Al Diar Siji Hotel, Fujairah, United Arab Emirates, where shareholders approved the cash dividend of 10% (AED 110 million) of its paid-up capital, the chairman's report, directors' report and the consolidated financial statements for the year ended 31 December 2012. The shareholders also approved the appointment and remuneration of the bank's external auditors for 2013.
At NBF's Extra Ordinary General Meeting held shortly after its AGM, shareholders approved the issuance of non-convertible tier 1 and tier 2 capital instruments that will go towards strengthening the bank's capital adequacy ratio and quality of capital.
H.H. Sheikh Saleh Bin Mohammed Al Sharqi, Chairman said:
"We are pleased with the bank's progressive performance, which is a reflection of its well-balanced strategy as well as the deep client relationships that it has had the privilege of cultivating over all these years. As part of its growth strategy, the bank will strengthen its capital structure through the issuance of tier 1 and tier 2 capital instruments. NBF remains committed to its role in the UAE economy and will continue to seek out new opportunities for sustainable, long term growth."
H.E. Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman commented:
"The bank has achieved its highest operating performance to date in 2012. We believe that there are abundant business opportunities across the UAE and will continue to leverage them to strengthen our market position. Backed by robust liquidity levels, prudent policies and a stronger capital structure, we will also maintain an unwavering focus on service differentiation, product innovation and network enhancement 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 corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options. 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, Easa Saleh Al Gurg Company LLC and Investment Corporation of Dubai. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 14 across the UAE.