National Bank of Fujairah PJSC (NBF) approves dividend 41.4% of net profit
Operating profit grows 12.9% reflecting a resilient 2016 performance
NBF held its Annual General Assembly Meeting (AGAM) 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 95.3 million) and bonus shares of 7.5% (AED 95.3 million) of paid-up capital.
The bank’s shareholders also approved the chairman’s and directors’ reports (including the Shari’a supervisory board report for NBF Islamic, the Islamic banking window of NBF). In addition, the bank’s sustainability and corporate governance reports and the consolidated financial statements for the year ended 31 December 2016 were discussed and approved. The shareholders confirmed the appointment and remuneration of the bank’s external auditors and Shari’a supervisory board members for NBF Islamic for 2017. The Board of Directors’ remuneration proposal of 0.65% of the net profit, after deducting all depreciation and reserves, for its members was also approved. Additionally, the Board of Directors were elected for the next three years.
His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said:
“The Board is pleased with the strong operating performance, robust liquidity, solid capital adequacy and healthy returns achieved this year. These core strengths help sustain the Group’s competitive position in the face of a challenging operating environment and enable NBF to navigate the rapidly-changing market conditions. The maintenance of a consistent dividend policy to our shareholders is a clear reflection of these underlying strengths and the bank’s prudent management.
The current challenging environment and the emerging headwinds in the global economy require structural changes to the traditional banking models in the industry. We believe NBF is well placed to succeed in this new world and will continue to play a significant role in the development of Fujairah and the UAE as a whole.”
His Excellency Sir Easa Saleh Al Gurg, KCVO, CBE, Deputy Chairman commented:
“Our 2016 results demonstrate NBF’s resilience and dedication to develop its core business through an unwavering customer focus. Our segmented approach and comprehensive set of products and service channels coupled with a long-term sustainable business model helped us achieve consistent business and revenue growth even in a subdued operating environment. While we look ahead, we will continue to champion our customer-centric approach, be efficient in our operations, and leverage our resources to contribute to the UAE market and make our mark.”
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 Shari’a 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 for deposits and A3 for counterparty risk assessment 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.