NBF shareholders approve 2021 annual report

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NBF’s resilient and robust performance exhibited a substantial rebound to profitability.


A Staff Reporter

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Published: Thu 24 Mar 2022, 6:40 PM

Last updated: Thu 24 Mar 2022, 6:42 PM

NBF held its Annual General Assembly Meeting (AGAM) in Fujairah today where shareholders approved the chairman’s and directors’ reports, the Internal Shariah Supervision Committee Report for NBF Islamic, the Islamic Banking Window of NBF.

Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, chairman, NBF, said: “2021 was another challenging year, but one that showed encouraging signs of a return to growth and profitability. The Covid-19 pandemic may have continued to cause profound disruption to business activity across the world, but the economic outlook revealed positive signs of sustained recovery. This bounce back was aided by the world’s monetary authorities and national governments, who provided support and rolled out extensive vaccination programmes to boost global confidence."

In addition, the bank’s consolidated financial statements for the year ended 31 December 2021 were discussed and approved. The shareholders confirmed the appointment and remuneration of the bank’s new external auditors, PricewaterhouseCoopers, for the year ending December 31, 2022; and also approved no dividend for the year ended December 31, 2021.

Al Sharqi added: "Despite the challenges posed by the emergence of new Covid-19 variants and the inevitable disruption they caused, NBF rebounded to profitability. This was achieved thanks to robust core business growth and improvement in cost of risk in line with the bank’s recovery strategy. As we continue to play a vital role in supporting the UAE’s economic recovery, we remain confident in our ability to navigate the evolving environment and to deliver sustainable shareholder returns.”

Dr Raja Easa Al Gurg, Deputy Chairperson, NBF said: “While 2021 was not the return to normal that many of us had hoped for, we are pleased with the bank’s promising set of results. They reveal a substantial rebound to profitability, a return to growth across our operating income and net performance, and a marked development in the implementation of our business and operational strategy. When you consider these results in the light of the ongoing global pandemic and the substantial negative impact brought about earlier by a few exceptional exposures, they are all the more satisfying. Supported by its strong capital base and the resolute backing of its principal shareholders, we are confident that NBF will continue on its growth trajectory through the cautious management of risks and the improving market opportunities expected in 2022 and beyond.” — business@khaleejtimes.com

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