Abu Dhabi – Mubasher: The National Bank of Fujairah (NBF) completed its conversion of the additional tier 1 capital securities (AT1 capital), amounting to $275 million (AED 1.01 billion), into ordinary paid-up share capital.
The lender obtained the approval of the general assembly meeting and regulatory authorities for the transaction, which was concluded at a ratio of AED 2.85:1.
NBF will boost its capital structure enabling its business and operational strategy, according to a press release.
Saleh bin Mohamed bin Hamad Al Sharqi, Chairman of NBF, said: “The board believes in ongoing investment in NBF brand to capitalise market opportunities for future growth while preserving the bank’s capital strength.”
“This conversion of AT1 capital into ordinary paid-up share capital augmented NBF’s common equity tier 1 capital base in line with growth prospects and regulations,” Al Sharqi mentioned.
He added: “In the year ahead, NBF will continue to strengthen its operating platform, enhance value creation, tap new business opportunities and support the overall development of the UAE economy.”
In the nine-month period that ended on 30 September 2024, the ADX-listed bank logged net profits valued at AED 650.42 million, an annual rise from AED 513.16 million.
