International Finance

National Bank of Fujairah PJSC approves dividend of 15%

National Bank of Fujairah, UAE, His Excellency Sir Easa Saleh Al Gurg, His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi
Operating profit grew 5.5% reflecting a resilient 2017 performance

National Bank of Fujairah PJSC (NBF) held its Annual General Assembly Meeting (AGAM) at Novotel Hotel, Fujairah, United Arab Emirates, where shareholders approved the distribution of profits of 15% of paid-up capital. This took the form of cash dividends of 7.5% (AED 102.5mn) and bonus shares of 7.5% (AED 102.5mn) of paid-up capital.

The bank’s shareholders also approved the Chairman’s and the Directors’ Reports, and the Shari’a Supervisory Board 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 2017 were discussed and approved. The shareholders confirmed the appointment and remuneration of the bank’s external auditors and Shari’a supervisory board members for NBF Islamic for 2018. The Board of Directors’ remuneration proposal of 0.64% of the net profit, after deducting all depreciation and reserves, for its members was also approved.

Through a special resolution, the shareholders approved an amendment to the terms of the bank’s first tranche of Tier 1 perpetual capital notes of AED 500mn allowing the future conversion of the notes into shares. They also approved the Board of Directors’ recommendation to increase paid up capital of the Bank through such a conversion by AED 175,438,596 to AED 1,541,965,159 at a conversion factor of AED 2.85 for each note, subject to the approval of the Securities and Commodities Authority and the UAE Central Bank.

In addition, the shareholders considered and approved the increase in ceiling of non-convertible additional Tier 1 capital instruments by US$500mn for the purposes of strengthening the Bank’s capital base, taking the Tier 1 capital to US$636.1mn.

His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said: “The Board is pleased with NBF’s results during this challenging period of unprecedented change. We believe they are a testament to the bank’s agile business model and exceptional customer service. NBF delivered strong core performance through its renewed focus on being the financial partner for business, and meeting its customers’ professional and personal needs. The Board recognises the importance of dividends to shareholders, and believes in balancing such returns with ongoing investment in the brand to support future growth and preserving strong capital ratios. The approved changes in the capital will further strengthen NBF’s position to navigate through the current market conditions and support its growth strategy.”

His Excellency Sir Easa Saleh Al Gurg, KCVO, CBE, Deputy Chairman commented: “2017 ends on a positive note, with a strong set of results, supported by high standards of corporate governance, compliance and risk management. Our relentless focus on our customer’s needs and building an engaged and enabled work force, augur well for the effective delivery of our strategy for 2018. NBF is well positioned to capitalise on market opportunities and strengthen its client partnerships.”

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