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NBF Shareholders Approve 2008 Annual Report

FUJAIRAH - The National Bank of Fujairah PSC or NBF held its Annual Ordinary and Extra Ordinary General Meetings at the Al Diar Siji Hotel in Fujairah on Thursday. The shareholders considered and approved the chairman’s report on the bank’s activities and its consolidated financial statements for the year ended December 31, 2008.

The bank achieved strong growth in its core businesses and maintained strong financial stability in the face of challenging market conditions. Core operating income growth of 33.4pc was achieved following continued focus on core businesses. Financial stability was underpinned by strengthening of the capital adequacy (Basel 1) ratio at 17.8pc and the advances to deposits ratio at 86.4pc. Whilst the bank saw consistent income growth in 2008 across all its core businesses, global market conditions had a significant impact on the value of the bank’s investment portfolio. The investment portfolio fair value decreased by Dh250 million, of which Dh227 million was recognised in the profit and loss and the remainder in equity. In response to continued uncertainty over macro economic conditions in the coming year, the bank has significantly reduced its exposure to market volatility.