Business | Banking
National Bank of Fujairah posts 36.3% jump in 2007 profit
National Bank of Fujairah (NBF) yesterday reported a 36.3 per cent growth in net profit to Dh323.8 million in 2007.
- Staff Report
- Published: 23:39 January 29, 2008
Dubai: National Bank of Fujairah (NBF) yesterday reported a 36.3 per cent growth in net profit to Dh323.8 million in 2007.
This was the fourth straight year where the bank saw a net profit growth in excess of 35 per cent.
"NBF continues to reap benefits of its 'build and diversify' strategy by leveraging its expertise in corporate, trade finance and treasury business and making headway in the small and medium enterprises (SMEs) and wealth management segments, said Asad Ahmad, NBF's general manager. "NBF will continue to follow the path of sustained growth through focus on producing stable and diversified source of earnings." he added.
Net interest rose by 32.9 per cent, fuelled by growth in volumes. Fee income saw a growth of 23.2 per cent on the back of strong performance from wealth management coupled with diversification into syndication businesses. In 2007, NBF launched its syndication desk and successfully closed transactions totalling Dh500 million as lead manager.
Total assets and liabilities grew by 42.5 per cent and 48.8 per cent respectively to Dh12.3 billion and Dh10.5 billion over 31 December 2006. Earnings per share increased to Dh0.29 for the year from Dh0.22 in 2006.
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