1.48 AM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

Nat'l Bank of Fujairah's 9-month net up 28%

Published
By Wam

National Bank of Fujairah PJSC (NBF) has announced its results for the nine-month period ended  September 30, 2014, recording a net profit of Dh369.2 million compared to Dh286.4 million in the corresponding period of 2013; showing a jump of 28.9 per cent.

The operating profit of the bank had gone up 15.6 per cent from Dh465.4 million compared to Dh402.6 million in the corresponding period last year.

The net impairment losses during the period were Dh96.1 million compared to Dh116.2 million in the corresponding period; depicting an improvement of 17.3 per cent. The NPL ratio stood at 4.7 per cent compared to 6.1 per cent at September 30, 2013.

Net interest income of the bank grew by 16.7 per cent and operating income grew by 17.3 per cent compared to the corresponding period. Similarly, operating expenses increased by 20.3 per cent; reflecting on-going investment in enhancing NBF's business and service platforms. Cost-to-income ratio stood at 37.1 per cent compared to 36.2 per cent in the corresponding period.

Loans and advances of Dh15.9 billion were up 14.8 per cent from Dh13.8 billion.

Customer deposits of Dh16.5 billion were up 9.8 per cent from Dh15.0 billion at 2013 year end, and up by 24.2 per cent from  September 30, 2013. Strong capital adequacy and lending to stable resources ratios were maintained at 16.01 per cent (Tier 1 ratio: 13.02 per cent) and 89.1 per cent respectively; well ahead of Central Bank minimum requirements.

As part of ongoing efforts to broaden its suite of services, the bank recently launched NBF Islamic to provide clients with a comprehensive suite of Sharia-compliant financial solutions. It also announced the establishment of an equipment finance unit to support companies and vendors in sectors ranging from transportation and logistics to healthcare and manufacturing.

Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman said: "We are happy to report once again that the bank is progressing smoothly on its growth path, with its progression underpinned by a consistent focus on core business, product and service quality and risk management. The bank's strategic initiatives, such as the recently introduced Islamic banking proposition, have started to bear fruit, and with customers' continued support, our ongoing growth is assured.