National Bank of Fujairah posts net profit of Dh471.9 million

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National Bank of Fujairah posts net profit of Dh471.9 million
Income from investments and Islamic instruments increased to Dh19.3 million compared to Dh11.1 million in 2016, a growth of 73.6 per cent.

dubai - The bank posts an operating profit of Dh913.6 million

By Staff Report

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Published: Mon 5 Feb 2018, 6:44 PM

Last updated: Mon 5 Feb 2018, 8:46 PM

The National Bank of Fujairah (NBF) has reported net profit of Dh471.9 million for the year ended December 31, 2017, compared to Dh460.4 million for the period in 2016. The bank posted an operating profit of Dh913.6 million, a growth of 5.5 per cent compared to Dh866 million in 2016.

Operating income at Dh1.4 billion saw a growth of 4.5 per cent compared to 2016. Income from investments and Islamic instruments increased to Dh19.3 million compared to Dh11.1 million in 2016, a growth of 73.6 per cent. Net interest income and net income from Islamic financing and investment activities for the year grew by 8.2 per cent to Dh917.6 million compared to 2016.

Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, chairman of NBF, said: "NBF has delivered strong performance through its renewed focus on being the financial partner for business, and meeting its customers' professional and personal needs."

The bank's operating expenses increased by 2.6 per cent; while cost-to-income ratio stood at 33.7 per cent compared to 34.4 per cent in 2016. NBF's prudent loan loss provisioning policy resulted in net impairment losses of Dh441.7 million compared to Dh405.5 million in 2016. The NPL ratio was 5.53 per cent compared to 4.95 per cent as at December 31, 2016. Total provision coverage ratio stood at 89.5 per cent compared to 101.3 per cent as at December 31, 2016. NBF's strong operating profit enabled it to absorb elevated level of impairment losses and record a growth in net profit of 2.5 per cent.

- business@khaleejtimes.com


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