NBF posts Dh42m net profit in Q1
The bank’s customer deposits and Islamic customer deposits stood at Dh 28.3 billion.
The National Bank of Fujairah (NBF) bounced back to profitability with a first quarter net profit of Dh42 million and operating profit growth of 32.5 per cent quarter-on-quarter. The bank announced its results on Wednesday and attributed its best operating and net performance to robust liquidity and capital position.
Dr Raja Al Gurg, deputy chairperson said: “The Q1 2021 results underscore NBF’s operational and financial resilience in one of the most challenging economic environments we have ever seen with the Covid-19 pandemic continuing to have a profound impact globally. These results mark a welcome return to profitable operations in line with the bank’s strategy to recognise considerable impact upfront from few exceptional exposures and Covid-19 pandemic in 2020 and achieve accelerated recovery in 2021.”
The bank recorded a net profit of Dh42 million for the three month period ended 31 March 2021, up 107.8 per cent compared to Q4 2020 and down 44.3 per cent compared to Dh 75.4 million in the corresponding period of 2020, despite the challenging credit conditions and the third wave of the Covid-19 pandemic. Loans and advances and Islamic financing receivables rose marginally by 0.7 per cent to reach Dh 25.0 billion compared to Dh 24.8 billion at 2020 year-end and Dh 27.2 billion as at 31 March 2020.
The bank’s customer deposits and Islamic customer deposits stood at Dh 28.3 billion compared to Dh 29.8 billion at 2020 year-end and Dh 32.0 billion as at 31 March 2020. The Current and Saving Accounts (CASA) deposits stood at the 2020 year-end level of Dh 11.3 billion cushioning the impact from the lower interest rates. The CASA deposits improved to 39.8 per cent of total customer deposits compared to 38.0 per cent as at 31 December 2020 and 31.8 per cent as at 31 March 2020. The total assets reached Dh 39.1 billion compared to Dh 39.9 billion at 2020 year-end and Dh 43.3 billion as at March 31, 2020. — firstname.lastname@example.org
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