National Bank Of Fujairah’s Q1 Net Profit Up 27%

National Bank Of Fujairah (NBF) recorded a net profit of Dhs115.3 million during the first quarter of the year, up 27.1 per cent from the same period last year.

The bank’s operating profit reached Dhs151.1 million, up 18.8 per cent, compared to Dhs127.5 million in Q1 2013.

Net impairment losses amounted to Dhs36.2 million in first three months of 2014, showing an improvement of 1.7 per cent, the bank said.

The lender’s net interest income grew 24 per cent while its operating income grew 20.2 per cent in Q1 2014.

Operating expenses increased by 22.6 per cent owing to ongoing investments in bank’s business and service platforms, NBF said.

Total assets amounted to Dhs22.7 billion in Q1 2014, up 27.4 per cent year-on-year.

The lender also saw loans and advances rise 8.1 per cent quarter-to-quarter to reach Dhs15.5 billion, while customer deposits rose to Dhs15.9 billion, up 38.7 per cent year-on year.

“Our performance, evidenced in the growth in operating income, operating profit and net profit, is testament to the strength and sustainability of our core business,” said Easa Saleh Al Gurg, deputy chairman, NBF.

“Re-invigorated by a respectable external rating profile and backed by robust liquidity, stronger capital position and prudent policies, we are confident that we will be able to partner our customers to achieve greater heights together with the strong support of our shareholders.”