Dubai: National Bank of Fujairah reported a 151.8 per cent growth in net profit in Q1 2023, at Dh152 million compared to Dh60.4 million in the year-ago period, the bank said on Wednesday.
Supported by higher net interest income and net income from Islamic financing and investment activities and fee income, the lender posted an operating profit of Dh397.9 million for the three month period, a rise of 35.7 per cent compared to Dh293.2 million in the corresponding period of 2022 and up 30.9 per cent quarter-on-quarter.
Operating income for the period reached Dh554.1 million, up 34.2 per cent.
Net interest income and net income from Islamic financing and investment activities were up 69.4 per cent, and net fees, commission and other income were up 6.6 per cent compared to the year-ago period.
Total assets remained stable at Dh47.5 billion compared to Dh47.6 billion at 2022 year-end, up by 11.5 per cent from March 31, 2022.
Dr. Raja Easa Al Gurg, Deputy Chairperson said: “We are pleased to see an impressive start to 2023 with a robust set of results for the first quarter supported by the relatively buoyant business environment and the government’s commitment to diversifying the UAE’s economy. Likewise, NBF’s staunch focus on quality growth in supporting our customer’s business across all principal segments, improvement in asset quality and proactive management of investment portfolio enabled it to achieve a strong overall financial performance.