NBF 2015 operating profit up 20%

Dubai - Loans and advances of Dh19.7 billion were up by 20.6 per cent in 2015 from Dh16.3 billion at 2014 year-end.

National Bank of Fujairah, or NBF, recorded double-digit growth for its operating profit and net profit for 2015. The bank declared an operating profit of Dh766.9 million compared to Dh637.8 million in 2014; showing a rise of more than 20 per cent. Net profit increased by 10.5 per cent to Dh558.8 million compared to 505.4 in 2014.
Net impairment losses were Dh208.1 million compared to Dh132.4 million in 2014. The NPL ratio was 4.7 per cent compared to 4.4 per cent in 2014. This reflects NBF's prudent and transparent approach towards loan loss provisions in response to a noticeable slowdown in the operating environment and rising levels of credit stress in the second half of the year.
Loans and advances of Dh19.7 billion were up by 20.6 per cent in 2015 from Dh16.3 billion at 2014 year-end.
Customer deposits of Dh21.6 billion were up by 20.5 per cent from Dh17.9 billion at 2014 year end. Shareholders' equity went up by 27.2 per cent to Dh4.3 billion compared to Dh3.4 billion at 2014 year-end.
Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman proposed a distribution of profits of 15 per cent in the form of cash dividends of 7.5 per cent and bonus shares of 7.5 per cent of the paid-up capital.
Sir Easa Saleh Al Gurg, KCVO, CBE deputy chairman said: "NBF's best-ever performance was achieved in the face of difficult market conditions, underlining its focus on true value creation, connecting customers to opportunities and ensuring the long-term sustainability of its model." - abdulbasit@khaleejtimes.com