AJMAN - The National Bank of Fujairah (NBF) held its Annual General Assembly Meeting on Thursday, where shareholders approved the distribution of profits of 6% of the paid-up capital by way of bonus shares (AED120 million).

The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’ah Supervision Committee Report for NBF Islamic, the Islamic banking window of NBF.

They also discussed and approved the bank’s Corporate Governance Report and the consolidated financial statements for the year ended 31st December 2022.

The shareholders confirmed the appointment and remuneration of the bank’s external auditors, PricewaterhouseCoopers (PwC) for 2023. The Board of Directors’ remuneration proposal of 1.6% of the net profit, after deducting all depreciation and reserves, for its members was also approved.

Additionally, the bank’s Board of Directors were elected for the next three years. A new Independent Non-Executive Board member was appointed and elected by the shareholders, to bring the composition of the Board into line with new Corporate Governance regulations and ensures that one-third of the members of the Board are classified as independent.

NBF also released its Environmental, Social, and Governance (ESG) report for the year 2022. The report, aligned to the Global Reporting Initiative standards (GRI) is issued as part of NBF’s commitment to transparency and sharing its sustainability performance. The report outlines the bank’s Sustainability Framework and highlights the achievements and plans for the material issues.

Sheikh Saleh bin Mohamed Al Sharqi, NBF Chairman, said, "Despite the ongoing challenges in the global business environment, NBF achieved record results in 2022, producing its best-ever operating performance. This is an accomplishment all of us are extremely proud of and proves that NBF’s strategy for future growth is well and truly on course.

The results demonstrate NBF’s enhanced focus on quality business, an efficient funding base, continued economic recovery and improving resilience despite the uncertain geopolitical environment, he added.

Al Sharqi noted, The Board of NBF remains confident in the bank’s ability to deliver sustainable shareholder returns in the years ahead. Further investment will help to facilitate future growth, generate long-term sustainable returns, preserve significant capital strength and enable the bank to benefit from the new opportunities arising from an increased focus on ESG matters. All of which augurs well for further growth in 2023 and beyond."