Press releases, Reports & Disclosures for National Bank of Fujairah

Resolution No. 293 of 2024 announces the temporary suspension of trading for the shares of the National Bank of Fujairah. This suspension is due to the bank's AGM being held at 12:00 on 7-Mar-2024, which coincides with the trading session at ADX. Therefore, trading will be suspended from 09:00 on 7-Mar-2024 until the AGM results are received by ADX. All department heads in ADX are ordered to enforce this resolution. The resolution will be circulated to the Securities and Commodities Authority (SCA), the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was issued on 14/02/2024.

The National Bank of Fujairah (NBF) has invited its shareholders to attend the Annual General Assembly Meeting on 7 March 2024 at the Novotel Hotel, Fujairah, UAE, or remotely via the WEBEX application. The meeting will discuss and approve the bank's financial reports, including the Chairman’s Report, Directors’ Report, Internal Shari’ah Supervision Committee Report, Independent Auditor’s Report, and Balance Sheet for the year ended 31 December 2023. The board will also propose a cash dividend of 10% and bonus shares of 5% of paid-up capital, as well as a remuneration of 0.76% of net profit for board members. The meeting will also decide on the discharge of board members and auditors from liability, appointment of auditors and Shari’a Supervision Committee members for the next year, and their remuneration. Shareholders can delegate representatives, register remotely, and vote via WEBEX. The dividends will be paid on 18 March 2024 to shareholders recorded in the register on 6 March 2024.

The National Bank of Fujairah PJSC (NBF) has announced its 2023 results, revealing a 113.0% surge in net profit to a record AED 725.1 million, from an operating income of AED 2.3 billion. This growth is attributed to the resilience of the bank’s core business, selective business growth, a high-interest rate environment, effective investment portfolio and margin management, improved impairment provisions, and careful cost management. The bank also recorded its highest ever operating profit of AED 1.6 billion, a 28.1% increase from 2022, and its best ever operating income of AED 2.3 billion, up 25.8% over 2022.