National Bank of Fujairah PJSC (NBF) shareholders approved 2020 Annual Report
Strong capital position and ample liquidity coupled with effective cost management and prudent provisioning place the bank well for a swift recovery.
NBF held its Annual General Assembly Meeting (AGAM) today remotely through Webex application, where shareholders approved the Chairman’s and Directors’ Reports, the Internal Shari’a Supervision 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 2020 were discussed and approved. The shareholders confirmed the appointment and remuneration of the bank’s external auditors, Ernst and Young, for the year ending 31 December 2021; and the Internal Shari’a Supervision Committee members for NBF Islamic for a period of three years. The AGAM approved the appointment of two independent representatives to facilitate shareholders who wish to attend and vote through proxies; and also approved no dividend for the year ended 31 December 2020.
H.H. Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said:
“2020 was a year unlike any other, bringing with it the world’s worst recession since the Great Depression. Covid-19’s impact on the world economy was extraordinary, causing business activity to contract, oil prices to slump, and governments to support national economies through increased borrowing. The UAE has not been immune to the pandemic and the government has taken a number of measures for the safety and sustainability of businesses that will enable progressive economic recovery in 2021 and beyond.
Our underlying core business remains robust, our liquidity is in good shape, helped by our short term trade finance business, and our capital adequacy is at a recent high; enabling us to face these exceptional times with confidence and providing us a good platform for our recovery.
The bank’s continued investment in digitalization and innovation will ensure that the bank continues to deliver differentiated customer service and cost efficiency and at the same time create new sources of business development for future growth.
I would like to thank NBF’s Board of Directors, members of the Management Committee, and our employees for their grit and determination throughout what was an extremely challenging year. Without their commitment and resilience – and without the continued support and trust of our customers and shareholders – 2020 would have been much harder. We have had an encouraging start to 2021 and look forward to a fruitful year ahead.”
Dr Raja Easa Al Gurg, Deputy Chairperson said:
“Despite the adversity that we all faced during what was an extraordinary and unprecedented year, NBF maintained a resolute focus on the execution of its strategic priorities. The bank delivered exceptional customer service, spearheaded digital innovation, maintained financial stability, continued to meet compliance and regulatory standards, and supported its communities when they needed us the most. I am particularly proud of NBF’s efforts to support our most impacted customers through the introduction of appropriate relief measures whilst simultaneously taking care of the well-being and security of our staff. While our 2020 results are disappointing in terms of profitability, they highlight the Group’s financial strength and its ability to withstand a truly exceptional shock to the economic system. This was underpinned by the bank’s strong capital base and the unwavering support of our principal shareholders. The bank will continue to pursue its prudent approach in the unprecedented market conditions and will capitalize on selective opportunities for achieving continued and stable growth and adding value for its 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 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 with a negative outlook; and BBB / A-2 by Standard & Poor’s 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 (of which 1 is an electronic banking service unit) across the UAE.
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