National Bank of Fujairah approves 6% dividend distribution

National Bank of Fujairah approves 6% dividend distribution

Dividend to be paid by way of bonus shares worth Dh120m

The NBF board meeting in progress. - WAM

By WAM Published: Thu 16 Mar 2023, 9:05 PM

The National Bank of Fujairah (NBF) held its Annual General Assembly Meeting (AGAM) on Thursday at Novotel Hotel, Fujairah, where shareholders approved the distribution of profits of 6 per cent of the paid-up capital by way of bonus shares worth Dh120 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 December 31, 2022 were discussed and approved.

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