National Bank of Fujairah Q1 2019 net profit jumps 15%

FUJAIRAH, Underlined by the robust quality business growth and margin improvement, the operating profit of the National Bank of Fujairah, NBF, rose 15 percent to reach AED285.1 million.

The NBF has announced its results for the three-month period ended 31st March, 2019.

The NBF recorded year-on-year growth of 15.3 percent to close the three-month period at a net profit of AED167.6 million as compared to AED145.4 million in the corresponding period of 2018.

The operating profit for the three-month period was AED285.1 million as compared to AED248.0 million in 2018, a rise of 15 percent.

Operating income at AED415.5 million saw a growth of 12.5 percent compared to the corresponding period of 2018. Net interest income and net income from Islamic financing and investment activities experienced a growth of 14.7 percent and income from investments and Islamic instruments marked a significant bounce back compared to the corresponding period of 2018.

Foreign exchange and derivatives income experienced a growth of 10 percent reaching AED40 million for the three-month period as compared to AED36.3 million in 2018. Operating expenses increased by 7.6 percent and cost-to-income ratio improved to 31.4 percent as compared to 32.8 percent in the corresponding period of 2018.

Loans and advances and Islamic financing receivables were sustained at the year-end 2018 level of AED26.2 billion, up by 4 percent from 31st March, 2018, while Customer Deposits and Islamic Customer Deposits stood at AED30.2 billion compared to AED30.5 billion at 2018 year end, up by 8.7 percent from 31st March, 2018.

Assets touched AED40.0 billion, a rise of 0.7 percent from AED39.8 billion at 2018 year-end, up by 9.4 percent from 31st March, 2018. Shareholders’ equity rose 1.1 percent from AED5.1 billion at 2018 year-end to AED5.2 billion, up 10 percent from 31st March, 2018.

Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman said, “We are delighted that the bank swept multiple accolades at the Gulf Customer Experience Awards 2018 – Employee Engagement and Happiness, Employee Insights and HR Metrics and the Overall Experience Award. The NBF also received the ‘Most Improved Branches Award’ by Ethos Integrated Solutions based on their analysis of 2018 Customer Experience Benchmarking Index (CEBI). NBF was also awarded at the Emirati Women’s Conference organised by The Emirates Intellectual Property Society, for our commitment to empowering and supporting the success journeys of Emirati businesswomen through our Elham business segment, as the first bank in the UAE to dedicate such a focused partnership with Emirati women.”

Source: Emirates News Agency