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NBF records highest ever 9-month profit of Dh511.6m

National Bank of Fujairah (NBF) on Wednesday said that it posted its best ever nine months net profit of Dh511.6 million for the period ended September 30, 2019, a rise of 10.7 per cent over the corresponding period of 2018 on the back of higher net fees and interest income.
It achieved an operating profit of Dh862.3 million which increased by 7.2 per cent compared to Dh804.4 million in the corresponding period of 2018. Operating profit of Dh295.3 million was posted in the third quarter of 2019, a rise of 4.7 per cent over the previous quarter, and an increase of 3.8 per cent for the same three months in 2018.
Easa Saleh Al Gurg, deputy chairman of NBF, said that they are pleased with the strong set of results, particularly in an economic environment where uncertainties are weighing on market sentiments.
"With slow global growth, volatile geopolitical conditions and a declining interest rate environment, NBF's resilient performance reinforces its ability to navigate through the changing operating environment with a resolute business focus coupled with healthy liquidity and strong capital adequacy," Al Gurg said.
NBF secured net impairment provisions amounted to Dh350.7 million for the nine month period compared to Dh342.3 million in 2018. Its operating income for the nine month period stood at Dh1.28 billion, a growth of 8.4 per cent compared to the corresponding period of 2018. Net interest income and net income from Islamic financing and investment activities grew by 5.8 per cent and net fees, commission and other income by 14.7 per cent compared to the corresponding period of 2018. Loans and advances and Islamic financing receivables rose 5.2 per cent from Dh26.2 billion at 2018 year end to Dh27.6 billion, and up by 3.6 per cent from 30 September 2018.
Customer deposits and Islamic customer deposits depicted a growth of 2.4 per cent at Dh31.2 billion compared to Dh30.5 billion at 2018 year end, up by 6.8 per cent from 30 September 2018. Assets reached Dh42.5 billion; a rise of 6.9 per cent from Dh39.8 billion at 2018 year-end, up by 9.2 per cent from 30 September 2018. Shareholders' equity rose 7.9 per cent from Dh5.1 billion at 2018 year-end to Dh5.5 billion, up by 10.7 per cent from September 30, 2018.
- waheedabbas@khaleejtimes.com