National Bank of Fujairah declares 12.5% dividend

National Bank of Fujairah PSC (NBF) held its Annual Ordinary General Meeting (AGM) today (Wednesday) in Fujairah where shareholders approved the cash dividend of 12.5 per cent (Dh137.5 million) of its paid-up capital, the chairman’s report, directors’ report, corporate governance report and the consolidated financial statements for the year ended 31 December 2013.

The shareholders also approved the appointment and remuneration of the bank’s external auditors for 2014 and the Board of Directors were elected for the next three years. 

At NBF’s Extra Ordinary General Meeting held shortly after its AGM, shareholders approved amending and restating the Memorandum of Association and Articles of Association as part of the bank’s efforts to strengthen corporate governance and investor relations framework.  

Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, Chairman, said, "The bank has shown exemplary performance over the years and surpassed its highest net profit ever by focusing on its core business, service quality and prudent risk management. We have always concentrated on deepening the client relationships that we have built over the years and also this year improved the bank’s long term funding structure and quality of capital for future growth. The amending and restating of the Memorandum and Articles of Association of the bank is a further enhancement to ensure the bank’s governance framework is aligned with the latest corporate governance principles and advanced investor relations practices."

Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman commented, "We are delighted with the remarkable performance by the bank in enhancing and strengthening its market position. The bank’s external profile has been significantly enhanced through its strong performance and the quality of its customer relationship management. The bank is well-positioned to continue its growth journey in the coming years. NBF’s "Best Trade Finance Bank" trophy at 2014 Trade and Export Excellence Awards reaffirms our customers’ confidence in us and reflects the growing acknowledgement of our market leadership."

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