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National Bank of Fujairah’s net profit jumps 64%

The National Bank of Fujairah has reported a 64% growth in 2010 net profit to Dhs170.9m from Dhs104.3m in the previous year, driven by strong core business performance and robust cost and balance sheet management in difficult credit conditions. Additional loan loss provision fell to Dhs205.0m from Dhs214.3m in 2009. Total assets and total shareholders' equity stood at Dhs12.9bn and Dhs1.8bn, respectively, NBF said.