NBF posts Dh615M net profit for ’18

dubai — National Bank of Fujairah (NBF) has announced a year-onyear growth of 30.4 per cent to reach a net profit of Dh615.3 million in 2018, compared to Dh471.9 million in 2017.

NBF also posted its highest ever operating profit of Dh1.1 billion, a rise of 15.2 per cent compared to Dh913.6 million in 2017. Operating income stood at Dh1.6 billion after a growth of 14.2 per cent compared to 2017. This was achieved by a strong core business performance, proactive asset and liability management, margin improvement and an enhanced focus on return on capital. Net interest income and net income from Islamic financing and investment activities for the year grew by 18.4 per cent to Dh1.1 billion compared to 2017.

Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, chairman of NBF, said: “Our record 2018 performance demonstrates both the capability and adaptability of the group to navigate through the rapidly-changing conditions effectively to emerge ever stronger. Our strategic focus remains the delivery of exceptional customer service, executing on our vision to be the financial partner for business with a focus on achieving sustainable long-term growth. NBF believes in true value creation for all of its stakeholders, improving resilience as an operationally agile organisation and enhancing reputation and performance with stability, professionalism and the highest ethical standards.” The bank’s foreign exchange and derivatives income experienced a growth of 36.2 per cent reaching Dh137.3 million for the year, compared to Dh100.8 million in 2017.