National Bank of Fujairah profits jumps 26.7%

The National Bank of Fujairah, NBF, has released results for the half year ended 30 June 2015 recording a net profit of AED303.6 million compared to AED 239.5 million in the corresponding period of 2014; an increase of 26.7%.

The operating profit of the bank was AED390.5 million compared to AED304.6 million in the corresponding period of 2014; a rise of 28.2%, while the net impairment losses were AED86.9 million compared to AED65.1 million in the corresponding period of 2014.

Operating income of the bank experienced a growth of 26.0%, and net interest income grew by 21.9%; net fees and commission income by 39.2% and foreign exchange and derivatives income marked a growth of 26.1% compared to the same period in 2014.

The bank's Loans and advances of AED18.4 billion were up by 12.8% from AED16.3 billion at 2014 year end, and up by 24.5% from 30 June 2014, while, customer deposits of AED19.5 billion were up by 8.5% from AED17.9 billion at 2014 year end, and up by 17.0% from 30 June 2014.

Shareholders’ equity went up by 20.9% to AED4.1 billion compared to AED3.4 billion at 2014 year end. Strong capital adequacy and lending to stable resources ratios were maintained at 18.4% (Tier 1 ratio: 15.7%) and 86.9% respectively, well ahead of Central Bank minimum requirements.