NBF profit up 64.4% at Dhs280.9m

National Bank of Fujairah (NBF) held its Annual Ordinary General Meeting on Sunday at Al Diar Siji Hotel in Fujairah, United Arab Emirates (UAE). National Bank of Fujairah 2011 profit surges 64.4 per cent to Dhs280.9 million. The shareholders approved the cash dividend of 10 per cent (Dhs110 million) of its paid-up capital, the Chairman’s report and the consolidated financial statements for the year ended Dec.31, 2011. National Bank of Fujairah will distribute 39.2 per cent of 2011 profit as cash dividend. The shareholders have also approved the appointment and remuneration of the Bank’s auditors for 2012. Sheikh Saleh Bin Mohammed Al Sharqi, Chairman said: “We are pleased with the Bank’s solid set of results, which were achieved through a well-sustained, long-term growth strategy in which strong balance sheet management and credit loss reduction were key. This has allowed us to outperform the industry and deliver a good return to our shareholders for the second consecutive year despite the current challenging market conditions.” “The Bank remains committed to its role in developing the UAE economy and will continue to seek sustainable growth opportunities,” Sheikh Saleh added. Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman commented: “National Bank of Fujairah believes that good business opportunities exist across the UAE and we will continue to selectively grow our lending as these come to fruition. Backed by strong liquidity and prudent policies, we will continue to improve our market position through service differentiation and an enhanced focus on product development.” Sir Easa Saleh Al Gurg also said that the Bank’s retail expansion in the Fujairah region continues unabated and we are beginning to see good progress in the other emirates. We will also continue to invest in improvements in technology, operational capabilities and network enhancements so as to become more responsive to customer needs and shareholder expectations. Incorporated in 1982, National Bank of Fujairah (NBF) is a full services corporate bank with strong wholesale banking and trade finance expertise. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals. NBF’s key shareholders include the Government of Fujairah, the Government of Dubai and business pioneer and community leader Sir Easa Saleh Al Gurg, KCVO, CBE. It is listed on the Abu Dhabi Securities Exchange under the symbol ‘NBF’ and has a branch network of 13 across the UAE.