National Bank of Fujairah (NBF) announced that a 10% cash dividend and 10% bonus shares have been approved at the bank’s Annual Ordinary General Meeting (AGM) held today in Al Diar Siji Hotel in Fujairah. These dividends and bonus shares shall be paid out to shareholders recorded in the Share Register as on Tuesday, April 10th 2007.
An Extraordinary General Meeting (EGM) was also held which ratified and approved the increase in share capital to AED 1.1 billion by way of issue of bonus shares of AED 100 million.
“Our commitment to enhance our shareholders value through long term vision, planning and sound execution will be augmented by sustainable growth in core business income streams and on the back of ‘build and diversify’ strategy which the bank has embarked on,” said H. H. Sheikh Saleh Bin Mohammed Al Sharqi, NBF Chairman. “NBF remains focused to its move into the SME and retail markets which will further elevate shareholders value in the long run through diversification of the bank’s Balance Sheet structure.”
The AGM also considered and approved the Chairman’s report on the bank’s activities and its financial statements for the year ended 31st December 2006. The bank experienced another record year posting a profit of AED 237.6 million, up 35 percent from the previous year’s profit of AED 175.8 million. Total assets and liabilities grew by 37.37% and 44.05% to AED 8.63 billion and AED 7.05 billion respectively. Net interest income rose by 42.73% over 2005 reflecting quantum growth in volumes. Earnings per share increased to AED 0.24 this year from AED 0.19 in 2005 which have been restated to reflect the bonus issue and share split made during 2006. Return on average equity rose from 14.83% in 2005 to 16.04%. Total shareholders’ equity as of 31 December 2006 stood at AED 1,576 million and the bank’s capital adequacy ratio at year-end remained healthy at 18.94% against the Central Bank minimum of 10.
H. H. Sheikh Saleh Bin Mohammed Al Sharqi finally noted that “2006 was the third consecutive year where our net income has grown in excess of 35% per annum. This affirms our strategy of building on our core strengths while diversifying into additional business and product streams.”
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