Dubai, UAE — The National Bank of Fujairah (NBF) has posted a 151 percent year-on-year growth in net profit to AED152 million ($41.39 million) in the first quarter of 2023, compared to AED 60.4 million in the corresponding period of 2022.
The bank said in a statement that higher net interest income and net income from Islamic financing and investment activities and fee income led to a rise in operating profit to AED397.9 million, a rise of 35.7 percent compared to AED293.2 million in the corresponding period of 2022 and up 30.9 percent quarter-on-quarter.
Operating income reached AED 554.1 million, up 34.2 percent compared to AED 412.8 million in the corresponding period of 2022.
Loans and advances and Islamic financing receivables rose by 2.3 percent to reach AED 27.5 billion compared to AED 26.9 billion at 2022 year-end, up by 1.2 percent from 31 March 2022.
Investments and Islamic instruments increased by 12.7 percent to reach AED 7.2 billion compared to AED 6.3 billion at 2022 year-end, up by 97.1 percent from 31 March 2022, which shows the deployment of a portion of liquidity towards a high-quality investment book offering good risk-to-return as well as access to market liquidity, the statement said.
Dr. Raja Easa Al Gurg, Deputy Chairperson said, “NBF is well positioned to gain from this growth and has built the platform for enhanced value creation aided by its robust capital and liquidity position, digitally enabled bank strategy for better servicing client needs, prudent risk and compliance management standards and a sound balance sheet.”