Abu Dhabi – Shareholders of the National Bank of Fujairah (NBF) have approved the distribution of 10% cash dividends, amounting to AED 185 million, and 3.5% bonus shares for 2019.

During the ordinary general meeting (OGM), shareholders also agreed on suspending deduction for the statuary reserve which amounted to 50% of the bank’s share capital, according to the bank’s disclosure to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

The chairman of NBF, Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, said: “Amidst outbreak of COVID 19, NBF is taking appropriate measures to protect its business and stakeholders while it plays its part in supporting the wider economy during this time.”

“Our core business, balance sheet strength and agile operating platform secure the foundation for our future progress and position NBF well to deal with the rapidly changing economic and regulatory environment," Al Sharqi added.

It is noteworthy to highlight that in 2019, the bank reported a 10.3% year-on-year (YoY) decline in profits to AED 552.183 million from AED 615.314 million in 2018.

 

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.