NBF 9-month operating profit up 8.2%

dubai — National Bank of Fujairah (NBF) has recorded an operating profit of Dh634.2 million for the nine-month period ending September 30, 2016, compared to Dh586.1 million in the corresponding period of 2015; a rise of 8.2 per cent.

Operating income during the period experienced a growth of 6.7 per cent. Net interest income and net income from Islamic financing and investment activities grew by 4.8 per cent, net fees and commission income by 6.0 per cent, foreign exchange and derivatives income marked a growth of 13.7 per cent, and income from investments doubled compared to the corresponding period of 2015.

Operating expenses increased by 3.9 per cent, reflecting on-going investment in NBF’s business and service platforms and disciplined cost management. Costto-income ratio improved to 34.9 per cent compared to 35.9 per cent in September 2015 on the back of operational efficiencies. Furthermore, fee to income ratio stood at 35.4 per cent, compared to 34.2 per cent in the corresponding period of 2015.

Easa Saleh Al Gurg, KCVO, CBE deputy chairman said: “NBF continued to deliver strong operating results despite the challenging operating environment. Resilient performance is attributed to core business focus, prudent growth strategy and efficient operating model.”

— rohma@khaleejtimes.com