NBF’s profit surges 35.5% in H1

National Bank of Fujairah (NBF) on Wednesday announced that its half-year net profit surged 35.5 per cent to Dh183.5 million due to growth in bank’s core business including commercial banking, treasury and trade finance.

By Rohma Sadaqat

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Published: Thu 25 Jul 2013, 10:01 PM

Last updated: Tue 7 Apr 2015, 8:02 PM

The bank also recorded an operating profit of Dh260.3 million compared to the Dh219.0 million recorded in the corresponding period last year.

“We are pleased to report that the bank’s unwavering focus on its core businesses and service delivery has continued to strengthen its financial position and enhanced its capacity for further growth. We continue to augment our service channels for the benefit of our customers, while recent industry recognition of our core strengths in commercial banking, treasury and trade finance reaffirms their ongoing faith and support for the bank,” Easa Saleh Al Gurg, KCVO, CBE deputy chairman of NBF, said.

NBF’s loan loss provision was Dh76.8 million compared to Dh83.6 million in the corresponding period of 2012, an improvement of 8.1 per cent. NPL ratio improved to 6.7 per cent from 11.5 per cent at June 30, 2012 and was 7.6 per cent at the year end. Total provision coverage improved to 91.1 per cent from 50.4 per cent at June 30, 2012 and 79.7 per cent at December 31, 2012.

The bank’s operating income grew by 15.4 per cent and foreign exchange and derivatives income experienced a growth of 27.3 per cent. Operating expenses increased by 9.7 per cent, which reflected ongoing investments in new initiatives and operating platforms. Total assets of Dh18.4 billion were up 4.6 per cent from Dh17.5 billion at the year end and up 15.6 per cent from June 30, 2012.

“Our consistent financial results, strong capital position, robust liquidity and prudent business policies continue to form the bedrock of the bank’s future growth. The bank remains committed to achieving its long-term vision of becoming the preferred business bank of the UAE by capitalising on new market opportunities, maximising shareholder returns and partnering customers in their ongoing success,” said Al Gurg.

— rohma@khaleejtimes.com



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