FUJAIRAH: The National Bank of Fujairah (NBF) today announced its results for the three-month period ending on 31st March, 2024.
NBF recorded a year-on-year growth of 80.8 percent to close the three-month period, with a net profit before tax of AED274.8 million compared with AED152.0 million in the same period of 2023. It also posted a net profit after tax of AED251.1 million for the quarter, with a corporate tax charge of AED23.7 million.
These results highlight the bank’s ongoing focus on selective quality business growth, and its effective management of margins and liquidity. The continuing high interest rate environment, ongoing improvement in impairment provisions, careful management of costs and buoyant local market conditions, despite uncertain overall geopolitical conditions and global environment, all contributed to the bank’s strong position.
The bank posted an operating profit of AED438.5 million for the three-month period, a rise of 10.2 percent compared with AED397.9 million in the correspondi
ng period of 2023, and up 8.7 percent quarter-on-quarter.
Its operating income reached AED614.0 million, up 10.8 percent compared with AED554.1 million in the corresponding period of 2023, and up 2.8 percent compared to the fourth quarter of 2023, reflecting its robust core business performance.
Meanwhile, its total assets rose by 2.5 percent to reach AED53.0 billion, compared with AED51.7 billion at 2023 year-end, and up by 11.5 percent from 31st March, 2023.
Dr. Raja Easa Al Gurg, Deputy Chairperson of NBF, said, ‘The first quarter of 2024 saw an impressive start for NBF in terms of delivering an outstanding set of results. This is particularly encouraging given the challenging global conditions, incessant inflationary pressures, climate change considerations, and ongoing conflicts around the world.’
‘This strong financial performance reflects our recent years of hard work and the robustness of our balance sheet in a higher interest rate environment, coupled with exceptional improvements in asset qualit
y indicators, solid capital adequacy, ample liquidity, and success in harnessing cutting-edge technology,’ he added.
Source: Emirates News Agency
