National Bank of Fujairah Q1 2014 net profit jumps 27.1%

Fujairah (WAM): The National Bank of Fujairah PJSC, NBF, has earned a net profit of Dh 115.3 million in Q1, 2014 compared to Dh 90.7 million in the corresponding period of 2013, showing an improvement of 27.1 percent. The bank operating profit was Dh 151.5 million compared to Dh 127.5 million in Q1 2013, an improvement of 18.8%, whereas net impairment losses were Dh 36.2 million compared to Dh 36.8 million in the corresponding period; an improvement of 1.7%. The nonperforming loan (NPL) ratio also improved to 4.3% from 4.6% on 31st December 2013 and 7.2% on 31st March 2013, according to results of the first quarter period ended 31st March 2014 which were released on Wednesday. Total assets of Dh 22.7 billion were up 5.7% from Dh 21.5 billion at 2013 year end, and up by 27.4% from 31st March 2013. Sir Easa Saleh Al Gurg, KCVO, CBE, and Deputy Chairman, said, "NBF's strong start to 2014 highlights not just the success of the bank's strategy of steady and sustainable growth, but the renewed optimism that has started to take root in the country. "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. 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." – Emirates News Agency, WAM