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NBF Reports 5 Per Cent Rise in Net Profits

DUBAI — The National Bank of Fujairah, or NBF, has reported a five per cent rise in its net profit for the first nine months ending September 30, 2009.

The Fujairah-based bank declared a Dh70.2 million net profit, while the bank earned Dh67 million in the same period last year. “The bank has been able to grow its core earnings which, coupled with the recovery of the investment portfolio, helped in absorbing credit losses and maintaining profitable operations. The bank’s liquidity and capital adequacy ratios are stronger and the build-up in provisioning levels is enabling the bank to face uncertain credit conditions in the Gulf with confidence. The bank will continue to focus on financial stability and will pursue selective opportunities for achieving steady growth and adding value for its shareholders,” the bank’s Deputy Chairman Sir Easa Saleh Al Gurg said.

According to the bank, the loan impairment charge for the nine months is Dh159.7 million, compared to a charge of Dh69.7 million in the corresponding period 
in 2008.

The charge includes an amount of Dh59.7 million in respect of the bank’s exposure of Dh92 million to the Saudi Al Gosaibi and Saad Groups. The bank continues to be proactive in providing for potential loan losses in view of uncertain conditions.

abdulbasit@khaleejtimes.com