NBF’s AGM approves dividend

National Bank of Fujairah (NBF) held its Annual Ordinary General Meeting today where shareholders approved the cash dividend of 10 per cent (Dh110 million) of its paid-up capital.

It also approved the chairman’s report and the consolidated financial statements for the year ended 31 December 2011. The shareholders have also approved the appointment and remuneration of the Bank’s auditors for 2012.

Sheikh Saleh Bin Mohammed Al Sharqi, Chairman said: “We are pleased with the Bank’s solid set of results, which were achieved through a well-sustained, long-term growth strategy in which strong balance sheet management and credit loss reduction were key. This has allowed us to outperform the industry and deliver a good return to our shareholders for the second consecutive year despite the current challenging market conditions. The Bank remains committed to its role in developing the UAE economy and will continue to seek sustainable growth opportunities.”

Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman, said: “National Bank of Fujairah believes that good business opportunities exist across the UAE and we will continue to selectively grow our lending as these come to fruition. Backed by strong liquidity and prudent policies, we will continue to improve our market position through service differentiation and an enhanced focus on product development. The Bank’s retail expansion in the Fujairah region continues unabated and we are beginning to see good progress in the other emirates. We will also continue to invest in improvements in technology, operational capabilities and network enhancements so as to become more responsive to customer needs and shareholder expectations.”
 

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