NBF’s nine-month net profit up 86.32%

National Bank of Fujairah (NBF) has reported 86.32 per cent increase in net profit at Dh130.8 million for the first nine months of 2010 against Dh702.2m for the corresponding period last year.

Loan loss provision was Dh148.5m against Dh159.7m in 2009, the bank said in a statement without offering the third quarter figures.

Operating income rose 14.9 per cent and operating cost declined by 12.4 per cent. Total assets was Dh12.5bn and total shareholders’ equity Dh1.8bn, the statement said.

“The strong liquidity and capital adequacy positions place the bank in a good position to capitalise on new business opportunities in the UAE,” said Easa Saleh Al Gurg, Deputy Chairman of the bank.

Net interest income of Dh266m registered a growth of 13.6 per cent over 2009 net interest income of Dh234.2m. Non-interest income of Dh155.7m is 17.1 per cent higher than 2009 of Dh13m.

Investment in funds was reduced to Dh43.7m from Dh56.6m as at 31 December 2009. A gain on investment of Dh12.7m was recognised through the statement of income, compared to Dh40m for the corresponding period of 2009.

NBF’s key shareholders include the Government of Fujairah, the Government of Dubai and business pioneer and community leader Easa Saleh Al Gurg.