National Bank of Fujairah posts 113% in net profits at Dh725.1 million
The bank has posted more than double the profits earned in 2022, which was Dh340.4 million
Fujairah: National Bank of Fujairah PJSC (NBF) has posted record profits in 2023 - at an increase of more than double year on year, a press statement from the UAE bank said on Wednesday.
NBF recorded net profits of Dh725.1 million, a 113 per cent increase compared to Dh340.4 million in 2022.
Helped by an improvement of Dh66.6 million in investments designated as fair value through other comprehensive income (FVOCI), NBF’s total comprehensive income for the year was Dh790.4 million up 223.8 per cent compared to Dh244.1 million in 2022.
NBF additionally posted its highest ever operating profit of Dh1.6 billion, a rise of 28.1 per cent compared to Dh1.2 billion in 2022 underpinned by higher net interest income and net income from Islamic financing and investment activities and fee income.
Net interest income and net income from Islamic financing and investment activities grew 39.6 per cent to Dh1.7 billion compared to Dh1.2 billion in 2022.
Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman of NBF said, “2023 was a record year for NBF. Despite the ongoing challenges and uncertainty presented by heightened global geopolitical risks, economic headwinds with elevated levels of inflation, and climate change, NBF was successful in producing its best ever operating and net performance.
"This is an excellent achievement that clearly shows the strength of the bank’s core activities and the quality of the work undertaken to recover from a difficult pandemic period."
Dr Raja Easa Al Gurg, Deputy Chairperson added, "We look forward to another successful year for the Group and remain committed to supporting our customers, making a contribution to the wider communities in which we operate, including supporting the arts and various cultural and environmental activities and performing our role in the progress of UAE’s economic and social development."