Dubai: National Bank of Fujairah reported a net profit of Dh340.4 million for the year ended December 2022, compared to Dh115.2 million in 2021, a 195.3 per cent jump, the lender said on Wednesday.
The bank also posted its highest ever operating profit of Dh1.2 billion, a rise of 29.4 per cent compared to Dh955.6 million in 2021, underpinned by higher net interest income and net income from Islamic financing and investment activities, fee and exchange income.
“This reflects the bank’s longstanding customer centric approach, good quality business growth and enhanced balance sheet management supported by the impressive local economic recovery despite an uncertain global geopolitical environment,” it said in a statement.
Operating income stood at Dh1.8 billion, up 25.8 per cent over 2021, reflecting the robust core business performance and asset and liability management in a rising interest rate environment.
Net interest income and net income from Islamic financing and investment activities grew 29.8 per cent to Dh1.2 billion compared to Dh941.1 million in 2021.
Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman of the bank, said: “We are pleased with the outstanding set of results achieved by NBF. Our record 2022 operating performance was testament to the robustness of our business model and operational strategy. Despite a year marked by volatile geopolitical conditions, record inflation and climate-linked disasters, we were sufficiently resilient to adapt to the emerging conditions and record strong growth.”
Dr. Raja Easa Al Gurg, Deputy Chairperson, added: “Our performance this year has been strong and praiseworthy facilitated by the pace of economic recovery of the country. NBF progressed well in the execution of its strategic plans supported by a robust capital adequacy, sound improvement in asset quality, success in leveraging technology and a well-diversified balance sheet resulting in a solid turnaround. The leadership’s staunch attention to prudent risk management standards, upholding the highest ethical and corporate governance practices and the drive to deliver a differentiated and exceptional customer service will ensure our growth continues. Despite the mild recessionary pressures forecast for 2023, we look forward to another successful year for the Group and remain committed to performing our role in the progress of the UAE economy.”
