The National Bank of Fujairah (NBF) has reported a net profit of AED 850.1 million for 2024, marking a significant increase from the previous year. The bank’s operating profit reached AED 1.62 billion, the highest in its history, driven by strong business growth, cost efficiency, and improved asset quality.
Record Performance & Key Financial Highlights
NBF’s net profit before tax surged 28.9% year-on-year to AED 934.8 million, reflecting its resilience amid a dynamic market environment. The bank also recorded its highest-ever operating income of AED 2.4 billion, up 6.7% from 2023, attributed to:
- Strategic growth in key business segments
- Proactive asset and liability management
- Customer-centric operational focus
Net interest income and Islamic financing revenue grew 4.8% to AED 1.79 billion, while operating expenses rose 15.9% due to ongoing digital transformation initiatives and business investments. The cost-to-income ratio stood at 33.3%, maintaining a competitive industry position.
Leadership Insights
Sheikh Saleh Bin Mohamed Bin Hamad AlSharqi, NBF’s Chairman, highlighted the bank’s record-breaking financial performance, achieved despite global economic uncertainties, interest rate changes, and geopolitical challenges. He emphasized NBF’s commitment to long-term sustainability, capital strength, and customer-focused service excellence.
Deputy Chairperson Dr. Raja Easa Al Gurg noted that the results showcase strong revenue growth, robust capital adequacy, and technological advancements that have strengthened the bank’s market position.
Outlook for 2025
With the UAE’s economy projected to grow 6.7% in 2025, NBF aims to leverage market momentum to expand its financial services, enhance digital capabilities, and sustain profitability. NBF’s strategic investments in digital banking, risk management, and customer experience have strengthened its competitive edge. The bank’s strong liquidity position and diversified portfolio further reinforce its financial stability. Looking ahead, NBF plans to expand its corporate and retail banking services, focusing on innovation, sustainable finance, and enhanced digital solutions to drive future growth in 2025.