National Bank of Fujairah cash dividend jumps 25%
Shareholders approve 2013 Annual Report and amending and restating of the Memorandum and Articles of Association of the bank. The bank recorded its highest ever profit of AED 393.1 million with a growth of 28.6%.
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 12.5% (AED 137.5 million) of its paid-up capital, the chairman's report, directors' report, corporate governance report and the consolidated financial statements for the year ended 31 December 2013. The shareholders also approved the appointment and remuneration of the bank's external auditors for 2014 and the Board of Directors were elected for the next three years.
At NBF's Extra Ordinary General Meeting held shortly after its AGM, shareholders approved amending and restating the Memorandum of Association and Articles of Association as part of the bank's efforts to strengthen corporate governance and investor relations framework.
His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said:
"The bank has shown exemplary performance over the years and surpassed its highest net profit ever by focusing on its core business, service quality and prudent risk management. We have always concentrated on deepening the client relationships that we have built over the years and also this year improved the bank's long term funding structure and quality of capital for future growth. The amending and restating of the Memorandum and Articles of Association of the bank is a further enhancement to ensure the bank's governance framework is aligned with the latest corporate governance principles and advanced investor relations practices."
His Excellency Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman commented:
"We are delighted with the remarkable performance by the bank in enhancing and strengthening its market position. The bank's external profile has been significantly enhanced through its strong performance and the quality of its customer relationship management. The bank is well-positioned to continue its growth journey in the coming years. NBF's "Best Trade Finance Bank" trophy at 2014 Trade and Export Excellence Awards reaffirms our customers' confidence in us and reflects the growing acknowledgement of our market leadership.
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.