The National Bank of Fujairah (NBF) has released its financial results for the three-month period ending on 31st March 2024.
The National Bank of Fujairah (NBF) experienced a substantial year-on-year growth of 80.8 percent during the quarter, reporting a net profit before tax of AED 274.8M compared to AED 152.0M in the same period of 2023. After deducting corporate tax charges of AED 23.7M, the net profit after tax stood at AED 251.1M.
These figures underscore the bank’s strategic emphasis on targeted, high-quality business expansion, as well as its adept management of margins and liquidity. Despite uncertain global geopolitical conditions, the bank’s robust performance was bolstered by the prevailing high interest rate environment, ongoing enhancements in impairment provisions, prudent cost management, and favorable local market conditions.
During the three-month period, the bank achieved an operating profit of AED 438.5M, marking a 10.2 percent increase from AED 397.9M recorded in the corresponding period of 2023 and an 8.7 percent rise quarter-on-quarter.
Operating income also exhibited strong growth, reaching AED 614.0M, up by 10.8 percent from AED 554.1M in the same period of 2023 and showing a 2.8 percent increase compared to the fourth quarter of 2023, reflecting the bank’s resilient performance in its core business operations.
Furthermore, NBF’s total assets expanded by 2.5 percent to AED 53.0B, up from AED 51.7B at the end of 2023 and representing an 11.5 percent increase from 31st March 2023.
Dr. Raja Easa Al Gurg, Deputy Chairperson of NBF, expressed satisfaction with the bank’s robust performance amidst challenging global conditions, including persistent inflationary pressures, climate change concerns, and ongoing conflicts worldwide. He attributed the strong financial results to the bank’s diligent efforts in recent years, its resilient balance sheet in a higher interest rate environment, significant enhancements in asset quality indicators, robust capital adequacy, ample liquidity, and successful integration of advanced technology.
