National Bank of Fujairah posts 81% rise in Q1 pretax profit

National Bank of Fujairah (NBF) recorded year-on-year growth of 80.8 PER CENT to close the three-month period at a net profit before tax of Dh274.8 million compared to Dh152.0 million in the corresponding period of 2023.

With NBF posting a net profit after tax of Dh251.1 million for the quarter with a corporate tax charge of Dh23.7 million, the lender said "these results evidence the bank’s continued focus on selective quality business growth, and the effective management of margins and liquidity."

"The continued high-interest rate environment, continuing improvement in impairment provisions, careful management of costs and buoyant local market conditions, despite the broader uncertain geopolitical conditions and global environment, all contributed to this very strong position."

The lender reported a 10.8 per cent rise in operating income reached Dh614.0 million, compared to Dh554.1 million in the corresponding period of 2023; and up 2.8 per cent compared to Q4 2023, "reflecting the robust core business performance," the company said.