National Bank of Fujairah PJSC (NBF) is pleased to announce its results for the nine month period ended 30 September 2014.
-NBF recorded a net profit of Dhs369.2m compared to Dhs286.4m in the corresponding period of 2013; a jump of 28.9%.
-Operating profit was Dhs465.4m compared to Dhs402.6m in the corresponding period of 2013; a rise of 15.6%.
-Net impairment losses were Dhs96.1m compared to Dhs116.2m in the corresponding period of 2013; an improvement of 17.3%. The NPL ratio stood at 4.7% compared to 6.1% at 30 September 2013.
-Total provision coverage was 118.5% compared to 97.0% at 30 September 2013.
-Net interest income grew by 16.7% and operating income grew by 17.3% compared to the corresponding period of 2013.
-Operating expenses increased by 20.3%; reflecting on-going investment in enhancing NBF’s business and service platforms. Cost-to-income ratio stood at 37.1% compared to 36.2% in the corresponding period of 2013.
-Loans and advances of Dhs15.9bn were up 14.8% from Dhs13.8bn at 2013 year end, and up by 17.2% from 30 September 2013.
-Customer deposits of Dhs16.5bn were up 9.8% from Dhs15.0bn at 2013 year end, and up by 24.2% from 30 September 2013.
-Strong capital adequacy and lending to stable resources ratios were maintained at 16.01% (Tier 1 ratio: 13.02%) and 89.1% respectively; well ahead of Central Bank minimum requirements.
-Return on average assets improved to 2.2% from 2.1% for the corresponding period in 2013.
-Return on average equity improved to 15.7% from 14.7% for the corresponding period in 2013.
-As part of ongoing efforts to broaden its suite of services, the bank recently launched NBF Islamic to provide clients with a comprehensive suite of Sharia’ compliant financial solutions. It also announced the establishment of an equipment finance unit to support companies and vendors in sectors ranging from transportation and logistics to healthcare and manufacturing.
H.E. Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman said: “We are happy to report once again that the bank is progressin, smoothly on its growth path, with its progression underpinned by a consistent focus on core business, product and service quality and risk management. The bank’s strategic initiatives, such as the recently introduced Islamic banking proposition, have started to bear fruit, and with customers’ continued support, our ongoing growth is assured.”
“We will continue to leverage our award-winning capabilities and investments in infrastructure and technology to take customer service levels to greater heights and maximize shareholder returns. As a bank firmly rooted in the cultural heritage and economic success of the UAE, we will continue to play our part in its ongoing progress,” he aadded.