During the National Bank of Fujairah’s Annual General Assembly Meeting held at Novotel Hotel in Fujairah, shareholders approved the distribution of profits of 6% of the paid-up capital in the form of bonus shares worth AED 120M.
The bank’s reports, including the Chairman’s and Directors’ Reports, the Internal Shari’ah Supervision Committee Report for NBF Islamic, the Corporate Governance Report, and the consolidated financial statements for the year ended December 31, 2022, were approved. PricewaterhouseCoopers was confirmed as the external auditors for 2023, and the Board of Directors’ remuneration proposal was approved.
The bank’s Board of Directors was also elected for the next three years, with the addition of a new Independent Non-Executive Board member to ensure compliance with new Corporate Governance regulations. National Bank of Fujairah released its ESG report for 2022, which follows Global Reporting Initiative standards and outlines the bank’s Sustainability Framework, achievements, and plans for material issues, according to WAM.
His Highness 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”.
