National Bank of Fujairah PJSC (NBF) shareholders approved 2021 Annual Report
NBF’s resilient and robust performance exhibited a substantial rebound to profitability
Strong capital adequacy, ample liquidity and sound improvement in asset quality enabled enhanced returns and strong recovery
NBF held its Annual General Assembly Meeting (AGAM) today at Novotel Hotel, Fujairah, United Arab Emirates, and remotely through WEBEX application, where shareholders approved the Chairman’s and Directors’ Reports, the Internal Shari’ah Supervision Committee Report for NBF Islamic, the Islamic Banking Window of NBF. In addition, the bank’s consolidated financial statements for the year ended 31 December 2021 were discussed and approved. The shareholders confirmed the appointment and remuneration of the bank’s new external auditors, PricewaterhouseCoopers, for the year ending 31 December 2022; and also approved no dividend for the year ended 31 December 2021.
H.H. Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said:
“2021 was another challenging year, but one that showed encouraging signs of a return to growth and profitability. The Covid-19 pandemic may have continued to cause profound disruption to business activity across the world, but the economic outlook revealed positive signs of sustained recovery. This bounce back was aided by the world’s monetary authorities and national governments, who provided support and rolled out extensive vaccination programmes to boost global confidence.
Despite the challenges posed by the emergence of new Covid-19 variants and the inevitable disruption they caused, NBF rebounded to profitability. This was achieved thanks to robust core business growth and improvement in cost of risk in line with the bank’s recovery strategy.
As we continue to play a vital role in supporting the UAE’s economic recovery, we remain confident in our ability to navigate the evolving environment and to deliver sustainable shareholder returns.”
Dr Raja Easa Al Gurg, Deputy Chairperson said:
“While 2021 was not the return to normal that many of us had hoped for, we are pleased with the bank’s promising set of results. They reveal a substantial rebound to profitability, a return to growth across our operating income and net performance, and a marked development in the implementation of our business and operational strategy. When you consider these results in the light of the ongoing global pandemic and the substantial negative impact brought about earlier by a few exceptional exposures, they are all the more satisfying. Supported by its strong capital base and the resolute backing of its principal shareholders, we are confident that NBF will continue on its growth trajectory through the cautious management of risks and the improving market opportunities expected in 2022 and beyond.”
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 (of which 1 is an electronic banking service unit) across the UAE.
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