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National Bank of Fujairah expects lending and net profit to grow

Vince Cook, chief executive of the National Bank of Fujairah (NBF) has said loan growth in 2011 is expected to be in double-digits and that net profit would exceed last year's, Reuters has reported. "We made a loss in 2008, largely as mark to market losses on our investment portfolio. Since then, we're on a steady downward path in terms of provisions. We expect net profit to be better than last year."