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National Bank of Fujairah PSC’s (NBF) operating profit for the first half of 2012 grew 16.7%

Growth in core businesses continue to strengthen the base for Bank’s future

National Bank of Fujairah PSC (NBF) is pleased to announce its results for the half year ended 30 June 2012.

Highlights:

  • NBF recorded an operating profit of AED 219.0 million compared to AED 187.7 million in the corresponding period of 2011
  • Results were driven by strong core business performance and effective asset and liability management
  • Net profit was AED 135.5 million compared to AED 125.2 million in the corresponding period of 2011
  • Loan loss provision was AED 83.6 million compared to AED 62.5 million in the corresponding period of 2011
  • Operating income grew by 17.5% and exchange income, including derivative income, saw a growth of 23.1%
  • Operating expenses increased by 16.0%, which reflected ongoing investment in new initiatives and operating platforms to enhance NBF’s customer service experience. Cost-to-income ratio was maintained at 38.3% compared to 38.4% in the corresponding period of 2011
  • Strong capital adequacy and advances-to-deposits ratios were maintained at  20.2% (Tier 1 ratio of 13.0%) and 86.9% respectively, well ahead of Central Bank minimum requirements
  • Total assets of AED 15.9 billion were up 6.4% from AED 14.9 billion at year end,  up 13.5% from 30 June 2011
  • Loans and advances of AED 11.5 billion were up 9.5% from AED 10.5 billion at year end, up 21.2% from 30 June 2011
  • Deposits of AED 11.3 billion were up 9.5% from AED 10.3 billion at year end, up 22.5% from 30 June 2011

H.E. Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman said:

“We are pleased to see the Bank continue on its growth path. Recent industry recognition of our core strengths in trade finance, treasury and commercial banking is a testament to the Bank’s commitment to its customer relationships and the banking sector.

“The Bank remains well-placed to achieve stable growth through the prudent and progressive application of policies and operating capabilities, and will continue to deepen its suite of retail offerings to complement its wholesale service proposition.”

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