National Bank of Fujairah approves 6% dividend distribution

National Bank of Fujairah approves 6% dividend distribution

FUJAIRAH, 16th March, 2023 (WAM) -- The National Bank of Fujairah (NBF) held its Annual General Assembly Meeting (AGAM) today at Novotel Hotel, Fujairah, where shareholders approved the distribution of profits of 6 percent of the paid-up capital by way of bonus shares worth AED 120 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 31st December 2022 were discussed and approved.

The shareholders confirmed the appointment and remuneration of the bank’s external auditors, PricewaterhouseCoopers (“PwC”) 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