The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
FUJAIRAH / WAM
The National Bank of Fujairah (NBF) on Sunday approved a distribution of profits of 15 percent of paid-up capital. This took the form of cash dividends of 7.5 percent, AED102.5 million, and bonus shares of 7.5 percent, AED102.5 million, of paid-up capital.
The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Sharia Supervisory Board report for NBF Islamic, the Islamic banking window of NBF.
They also discussed the bank’s Corporate Governance Report and the consolidated financial statements for the year ended December 31, 2017.
The shareholders confirmed the appointment and remuneration of the bank’s external auditors and the Sharia supervisory board members for NBF Islamic for 2018. The Board of Directors’ remuneration proposal of 0.64 percent of the net profit, after deducting all depreciation and reserves, for its members was also approved.
Through a special resolution, the shareholders approved an amendment to the terms of the bank’s first tranche of Tier 1 perpetual capital notes of AED500 million allowing the future conversion of the notes into shares.