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NBF profit jumps 64% to Dh171m

NBF's Board of Directors have proposed 6.2 per cent cash dividend (FILE)

By Staff

National Bank of Fujairah (NBF) net profit jumped 64 per cent to Dh170.9 million last year compared to Dh104.3m in the previous year, backed by strong core business performance and drop in bad loan provisions.

Loan loss provisions fell to Dh205m against Dh214.3m. Total assets rose Dh1 billion to Dh12.9 billion while shareholders equity stood at Dh1.8 billion.

The bank’s Board of Directors also proposed 6.2 per cent cash dividend.

The bank had capital adequacy ratio of 21 per cent and Tier 1 capital ratio at 14 per cent.

“Our business in Fujairah, in particular, saw a record growth in 2010. The Bank will continue to improve its market position by strengthening its customer-centric approach and product focus, and will continue to seek new lending opportunities as the market continues to recover,” Sir Easa Saleh Al Gurg, Deputy Chairman of NBF.

The bank recorded operating profit of Dh375.9 million in 2010 compared to Dh318.6m in 2009.

Operating income increased 12.2 per cent to Dh568 million in comparison to Dh506.5 million for 2009, reflecting strong core business performance and balance sheet management. Operating expenses of Dh207.7 million were 7.9 per cent lower than 2009.

Net interest income grew by 10.2 per cent to Dh360.1m compared to Dh326.9m in 2009’ while non-interest income was Dh207.9m, an increase of 15.8 per cent from Dh179.6m.

The bank borrowed Dh210 million through syndication loan which is set to mature on June 25, 2011.