UAE-based National Bank of Fujairah (NBF) said its board has approved the distribution of 39.2 per cent of the 2011 profit as cash dividends to the investors following its solid results.

The NBF had in January reported a 64.4 per cent jump in its 2011 full-year profit which hit Dh280.9 million ($76.4 million) compared to Dh170.9 million the year before.

Commenting on the decision, NBF chairman Sheikh Saleh Bin Mohammed Al Sharqi, said, 'We are pleased with its solid set of results, which were achieved through a well-sustained, long-term growth strategy in which strong balance sheet management and credit loss reduction were key.'

'This has allowed us to outperform the industry and deliver a good return to our shareholders for the second consecutive year despite the current challenging market conditions,' he said while addressing the bank's AGM noted.

'The bank remains committed to its role in developing the UAE economy and will continue to seek sustainable growth opportunities,' said Al Sharqi.

The shareholders also approved the appointment and remuneration of the bank’s auditors for 2012 during the meeting.

Easa Saleh Al Gurg, KCVO, CBE deputy chairman said, 'NBF believes that good business opportunities exist across the UAE and we will continue to selectively grow our lending as these come to fruition.'

'Backed by strong liquidity and prudent policies, we will continue to improve our market position through service differentiation and an enhanced focus on product development,” Al Gurg added.-TradeArabia News Service