National Bank of Fujairah (symbol NBF on Abu Dhabi Securities Market) today announced record earnings for 2005 with net income up 40% to AED 175 million. The Board of Directors, in their meeting today, approved the financial statements for the 2005 financial year. They also agreed to recommend to the General Assembly a bonus issue of 10.5% and a cash dividend of 5%. The proposed bonus issue will take the Bank’s capital to AED 1 billion and total equity to AED 1.34 billion. The financial statements and the proposed appropriations are subject to the approval of the Central Bank and the Annual General Assembly scheduled for early March.
H.H. Sheikh Saleh Bin Mohammed Al Sharqi, Chairman of the Bank remarked: “We are very pleased with the results of the Bank. There has been all round growth in all main areas of our business and the Bank’s focus remains on building sustainable revenue streams.”
The Bank’s Chairman also noted: “NBF has taken a strategic decision to enter the retail segment in a measured approach while further building on its strength as a major corporate bank in the Emirates.” He also revealed that the bank’s new corporate identity will be launched very shortly.
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