National Bank of Fujairah net profit surges

FUJAIRAH — The National Bank of Fujairah yesterday announced a consolidated net profit of Dh79.9 million for the first quarter of 2007, an increase of 35.5 per cent compared to the corresponding three month period ended 31 March 2006.

By A Staff Reporter

Published: Mon 7 May 2007, 8:37 AM

Last updated: Sat 4 Apr 2015, 10:56 PM

Commenting on the results, Asad Ahmed, General Manager of NBF, said: "We are very pleased with the bank's performance so far this year and we expect this growth to continue as we press on with our expansion plans this year. Apart from the continued sustainable growth in core business, the results are also driven by strong performance of the Investment Portfolio. Net interest income rose by 33.3 per cent and fee income by 17 per cent over corresponding year March quarter on the back of consistent growth in volumes and improved margins."

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