National Bank of Fujairah approves dividend of 20%
NBF posted record set of results achieving its best ever operating and net profit. Operating profit reached AED 1.1 billion up 15.2% and net profit surged 30.4% to reach AED 615.3 million
National Bank of Fujairah PJSC (NBF) held its Annual General Assembly Meeting (AGAM) today at Novotel Hotel, Fujairah, United Arab Emirates, where shareholders approved the distribution of profits of 20% of paid-up capital. This took the form of cash dividends of 7.5% (AED 123.3million) and bonus shares of 12.5% (AED 205.6million) of paid-up capital.
The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’a Supervisory Committee report for NBF Islamic, the Islamic banking window of NBF. In addition, the bank’s Corporate Governance Report and the consolidated financial statements for the year ended 31 December 2018 were discussed and approved. The shareholders confirmed the appointment and remuneration of the bank’s new external auditors, Ernst and Young, and Internal Shari’a Committee members for NBF Islamic for 2019. The Board of Directors’ remuneration proposal of 0.8% of the net profit, after deducting all depreciation and reserves, for its members was also approved.
Through a special resolution, the shareholders considered and approved the increase in ceiling of non-convertible additional Tier 1 capital instruments by USD 500 million for the purposes of strengthening the Bank’s capital base, taking the Tier 1 capital ceiling to USD 636.1 million.
His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said:
“I am pleased to record that NBF’s best ever annual performance occurred in 2018, when the bank achieved its highest operating profit of AED 1.1 billion, up 15.2% over 2017 operating profit of AED 913.6 million. At the same time, the Group exhibited robust
quality business growth and proactive asset and liability management in the face of low economic activity and volatile conditions in the global markets. On behalf of the Board, I am pleased to report the increase in dividend distribution from 15% to 20% of capital."
His Excellency Sir Easa Saleh Al Gurg, KCVO, CBE, Deputy Chairman commented:
“Remarkable results in 2018 are a testament to our resilience and consistent focus on our customers to be the financial partner for businesses in the UAE. Our strong financial and prudent risk positioning, customer centric approach and engaged work force will enable us to continue our growth progression in 2019 and not only achieve steady returns for our shareholders but also deliver on our promise to our clients, people and communities.”
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 18 across the UAE