National Bank of Fujairah PJSC (NBF) dividend up by 20%, amounting to 15% of paid-up capital
Shareholders approve 2014 annual report. The bank set a new benchmark for excellence in 2014, recording an operating income of more than AED 1 billion. Highest ever net profit of AED 505.4 million depicts a growth of 28.6%.
NBF held its Annual Ordinary General Meeting (AGM) today at Novotel Hotel, Fujairah, United Arab Emirates, where shareholders approved the distribution of profits of 15% of paid-up capital. This took the form of cash dividends of 7.5% (AED 82.5 million) and bonus shares of 7.5% (AED 82.5 million) of paid-up capital.
The bank's shareholders also approved the chairman's, directors', sustainability and corporate governance reports as well as the consolidated financial statements for the year ended 31 December 2014. They also approved the appointment and remuneration of the bank's external auditors for 2015.
His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said:
"2014 proved to be the bank's best year to date in terms of financial performance. The bank has made excellent progress thanks to the dedication of our employees, the trust and confidence of our clients as well as the support of our shareholders. Over the course of the year, we were able to further adapt our business to suit our clients, reduce risk, deliver more sustainable performance and enhance shareholder returns. We have now developed the flexibility to respond well to a variety of market conditions. NBF remains committed to its role in the UAE economy and will continue to seek out new opportunities for sustainable, long term growth."
His Excellency Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman commented:
"It brings me great pleasure to see the enormous strides taken by NBF over the past years. With its unwavering focus on core business, service excellence and technical expertise, the bank has continued to deliver outstanding performances and grow its market profile year on year. We are confident that business opportunities continue to exist in abundance across the UAE and will continue to pursue them for the benefit of the bank. That NBF was able to feature so prominently in this year's Banker Middle East Product Awards is further proof of its rising stature and growth potential, and I look forward to sharing more positive news of the bank's progress with our shareholders."
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (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 and Shariah compliant services. 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 LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 by Moody's and BBB+ / A-2 by Standard & Poor's, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol "NBF". It has a branch network of 15 across the UAE.