The National Bank of Fujairah (NBF) has approved the distribution of profits of 13.5 per cent of paid-up capital in the form of 10 per cent cash dividends worth Dh185 million ($50.3 million) and bonus shares of 3.5 per cent of paid-up capital worth Dh64.8 million ($17.6 million).

During its Annual General Assembly Meeting today, shareholders also approved the chairman’s and directors’ reports, and the Internal Shari’a Supervisory Committee report for NBF Islamic, the Islamic banking window of NBF.

In addition, the bank’s corporate governance report and the consolidated financial statements for the year ended December 31, 2019, were discussed and approved.

The shareholders confirmed the appointment and remuneration of the bank’s new external auditors, Ernst and Young, and Internal Shari’a Committee members for NBF Islamic for 2020.

On the performance, Chairman Sheikh Saleh bin Mohammed bin Hamad Al Sharqi said: "The Board is pleased with the resilient performance, robust liquidity, solid capital adequacy and healthy returns achieved in 2019 in the face of a difficult operating environment."

Amidst the outbreak of Covid-19, NBF is taking appropriate measures to protect its business and stakeholders whilst it plays its part in supporting the wider economy during this time. In 2019, operating income experienced a growth of 8.5 per cent to hit Dh1.7 billion," he added.

Deputy Chairman Easa Saleh Al Gurg said: "Our 2019 results underscore the group’s ability to deliver real value to our customers and to support them as a consistent, reliable and transparent partner."

"Our balance sheet remains solid with healthy capital and liquidity ratios and we are confident that our prudent business model shall continue to deliver a solid performance through the careful management of the opportunities and challenges that will present themselves in 2020," he added.-TradeArabia News Service