The Annual General Assembly Meeting (AGAM) of the National Bank of Fujairah has approved the distribution of profits of 6% of the paid-up capital as bonus shares valued at AED120 million ($33 million) for 2022. 

 

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 Board of Directors’ remuneration proposal of 1.6% of the net profit, after deducting all depreciation and reserves, for its members was also approved. 

 

Board of Directors

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 said: “Despite the ongoing challenges in the global business environment, NBF achieved record results in 2022, producing its best ever operating performance. This is an accomplishment all of us are extremely proud of and proves that NBF’s strategy for future growth is well and truly on course.

 

Focus on quality business

“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. 

 

“The Board of NBF remains confident in the bank’s ability to deliver sustainable shareholder returns in the years ahead. Further investment will help to facilitate future growth, generate long-term sustainable returns, preserve significant capital strength and enable the bank to benefit from the new opportunities arising from an increased focus on environmental, social and governance (ESG) matters. All of which augurs well for further growth in 2023 and beyond.”

 

Dr Raja Easa Al Gurg, Deputy Chairperson, said: “Our performance was strong in 2022 and was facilitated by the pace of economic recovery experienced by the UAE. NBF is now strongly positioned to gain further from the quality business opportunities presented by the positive market momentum. Our strategic focus and priorities are on track to ensure we return to our long-term trend of profitable growth. Improvement in both asset quality and the resources now available to the bank provide optimism for the future.

 

“Despite the mild recessionary pressures forecast for the global economy in 2023, we 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.”-- TradeArabia News Service