National Bank Of Fujairah Approves 6% Dividend Distribution
Date
3/16/2023 2:32:41 PM
(MENAFN- Khaleej Times) The National bank of Fujairah (NBF) held its Annual General Assembly Meeting (AGAM) on Thursday at Novotel Hotel, Fujairah, where shareholders approved the distribution of profits of 6 per cent of the paid-up capital by way of bonus shares worth Dh120 million. The bank's shareholders also approved the Chairman's and Directors' Reports, and the Internal Shari'ah Supervision Committee Report for NBF Islamic, the Islamic banking window of NBF.
The bank's Corporate Governance Report and the consolidated financial statements for the year ended December 31, 2022 were discussed and approved.
The shareholders confirmed the appointment and remuneration of the bank's external auditors, PricewaterhouseCoopers ( for 2023. The Board of Directors' remuneration proposal of 1.6 percent of the net profit, after deducting all depreciation and reserves, for its members was also approved.
Additionally, the bank's Board of Directors were elected for the next three years. A new Independent Non-Executive Board member was appointed and elected by the shareholders, to bring the composition of the Board into line with new Corporate Governance regulations and ensures that one third of the members of the Board are classified as independent.
NBF also released its ESG report for the year 2022. The report, aligned to the Global Reporting Initiative standards (GRI) is issued as part of NBF's commitment to transparency and sharing its sustainability performance. The report outlines the bank's Sustainability Framework and highlights the achievements and plans for the material issues.
Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, Chairman of NBF, said,“The results demonstrate NBF's enhanced focus on quality business, an efficient funding base, continued economic recovery and improving resilience despite the uncertain geopolitical environment. On behalf of the Board, I was pleased to recommend a dividend comprising bonus shares of 6 percent of paid-up capital.'
Dr. Raja Easa Al Gurg, Deputy Chairperson, NBF, added,“We are very proud of the outstanding set of results achieved by NBF in 2022. Our performance was strong and praiseworthy and was facilitated by the pace of economic recovery experienced by the UAE. Ee are confident that another successful year for the group will follow, and we remain committed to contributing to the progress of the UAE's economy.”
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