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National Bank of Fujairah’s Profit Drops by 60 Per Cent in First Half
DUBAI — The National Bank of Fujairah, or NBF, posted a 60.4 per cent drop in its net profit in the first half of 2009 as the bank made huge provisions for loan losses. The bank’s net income in the first half plunged to Dh60.7 million, compared to Dh153.5 million from the year before.
During the same period, the bank’s loan loss charges jumped to Dh89.3 million, from only Dh600,000 a year earlier. It said it maintained Dh97.6 million in portfolio loan loss provisions in the first six months this year.
“This decline in profit reflects difficult credit and liquidity conditions, and the general economic slowdown,” the bank said in a statement to the Abu Dhabi Securities Exchange.
NBF’s operating income in the first half was reduced to Dh239.9 million compared to Dh266.4 million a year ago, as the bank incurred higher funding costs which it said has had a negative impact on net interest income and profit. “I am pleased with the bank’s performance during these most challenging times and amidst the global economic down turn. The build-up in provisioning levels will ensure the bank is able to face uncertain credit conditions in the Gulf with confidence,” said Easa Saleh Al Gurg, Deputy Chairman of NBF. — rocel@khaleejtimes.com
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