National Bank of Fujairah’s third-quarter profit up 11.9%

DUBAI — National Bank of Fujairah (NBF) posted an operating profit of Dh228.7 million in the third quarter of 2017, a rise of 11.9 per cent quarter-on-quarter, and an increase of 5.2 per cent for the nine-month period compared to 2016.

On the back of a strong performance in the third quarter, NBF reported a net profit of Dh401.4 million for the nine-month period ended September 30, 2017, up 2.7 per cent over the corresponding period of 2016. Net interest income and net income from Islamic financing and investment activities for the quarter grew by 11.5 per cent, and 6.8 per cent for the nine month period compared with 2016.

Operating income for the quarter experienced a growth of 8.6 per cent and four per cent for the nine month period compared to 2016. Income from investments and Islamic instruments doubled to Dh14.7 million compared to the corresponding period of 2016. Loans and advances and Islamic financing receivables rose 3.6 per cent from Dh22.8 billion at 2016 year end to Dh23.6 billion, and up by eight per cent from September 30, 2016.

Easa Saleh Al Gurg, deputy chairman of NBF, said: “NBF continued to deliver strong operating results through its focus on being the financial partner for business, and meeting our customers’ personal and professional needs. NBF’s strong Q3 results are a reflection of the bank’s underlying resilience and proactive approach to an ever changing operating environment. Maintaining a prudent and conservative approach to risk management, efficient management of liquidity and pricing, particularly on high quality liquid assets, have contributed to improvement in performance.”