National Bank of Fujairah to give 40% of 2010 profit as cash dividend

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National Bank of Fujairah to give 40% of 2010 profit as cash dividend

National Bank of Fujairah (NBF) PSC held its Annual Ordinary General Meeting on Sunday, where shareholders approved the cash dividend of 6.2 per cent (Dh68.2 million) of paid-up capital, the chairman’s report and the bank’s consolidated financial statements for the year ended December 31, 2010.

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Published: Mon 28 Mar 2011, 11:17 PM

Last updated: Tue 7 Apr 2015, 11:02 AM

NBF’s Board of Directors was also re-appointed to another three-year term during the meeting.

“We are pleased to announce the Bank’s return to its dividend policy after a two-year interval, re-affirming our well-balanced strategy, financial stability and sustained profitable operations in the UAE,” Chairman Shaikh Saleh bin Mohammed Al Sharqi said.

“We remain committed to our developmental role in the local economy and continue to add value to our shareholders by adopting prudent policies and best practices.”

“The Bank’s strategy going forward is to grow its business prudently and efficiently in the local economy in core areas of corporate and commercial banking, trade finance and treasury,” added Deputy Chairman Easa Saleh Al Gurg.

“Our successful business proposition in the Fujairah region will continue to be developed and extended to other Emirates in line with the bank’s diversification strategy. The bank will continue to strengthen its position by honing its customer-centric approach and product focus, while continuing the search for new lending opportunities as the market continues to recover.”

Incorporated in 1982, 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 Al Gurg. It is listed on the Abu Dhabi Securities Exchange and has a branch network of 12 across the UAE.

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