NBF’s strong performance and record levels of activity delivered a solid turnaround supported by robust capital adequacy and sound improvement in asset quality
16 March 2023: NBF held its Annual General Assembly Meeting (AGAM) today at Novotel Hotel, Fujairah, United Arab Emirates, where shareholders approved the distribution of profits of 6% of the paid-up capital by way of bonus shares (AED 120 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. The bank’s Corporate Governance Report and the consolidated financial statements for the year ended 31 December 2022 were discussed and approved.
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 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.
H.H. Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, 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. On behalf of the Board, I was pleased to recommend a dividend comprising bonus shares of 6% of paid-up capital.
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 environmental, social and governance (ESG) matters. All of which augurs well for further growth in 2023 and beyond.”
Dr Raja Easa Al Gurg, Deputy Chairperson said:
“We are very proud of the outstanding set of results achieved by NBF in 2022. Our performance was strong and praiseworthy and was facilitated by the pace of economic recovery experienced by the UAE. NBF is now strongly positioned to gain further from the quality business opportunities presented by the positive market momentum. Our strategic focus and priorities are on track to ensure we return to our long-term trend of profitable growth. Improvement in both asset quality and the resources now available to the bank provide optimism for the future.
Despite the mild recessionary pressures forecast for the global economy in 2023, we are confident that another successful year for the group will follow and we remain committed to contributing to the progress of the UAE’s economy.”
