National Bank Of Fujairah Reports AED 274.8 Million Net Profit In Q1 2024, Marking Substantial Growth

The National Bank of Fujairah (NBF) has unveiled its financial outcomes for the first quarter of 2024, marking a significant year-on-year growth. As of 31st March 2024, NBF reported an impressive 80.8 percent increase in its net profit before tax, reaching AED274.8 million, up from AED152.0 million in the same timeframe of the previous year. The bank's net profit after tax also saw a substantial rise, amounting to AED251.1 million for the quarter, following a corporate tax charge of AED23.7 million.

These figures underscore NBF's strategic focus on selective quality business growth and its adept management of margins and liquidity. The bank's performance benefits from the high interest rate environment, ongoing improvements in impairment provisions, and effective cost management amidst buoyant local market conditions. This is despite the backdrop of uncertain geopolitical situations and a challenging global environment.

For the three-month period ending on 31st March 2024, NBF posted an operating profit of AED438.5 million, marking a 10.2 percent increase from AED397.9 million in the same period of 2023. This growth is also an 8.7 percent rise quarter-on-quarter. The bank's operating income reached AED614.0 million, up by 10.8 percent from AED554.1 million in the corresponding period of 2023, and showing a 2.8 percent increase compared to the fourth quarter of 2023.

In terms of assets, NBF experienced a growth of 2.5 percent, with total assets reaching AED53.0 billion compared with AED51.7 billion at the end of 2023, and an 11.5 percent increase from 31st March 2023.

Dr. Raja Easa Al Gurg, Deputy Chairperson of NBF, commented on the results: "The first quarter of 2024 saw an impressive start for NBF in terms of delivering an outstanding set of results. This is particularly encouraging given the challenging global conditions, incessant inflationary pressures, climate change considerations, and ongoing conflicts around the world." He further highlighted that the strong financial performance is a testament to years of diligent work and the robustness of NBF's balance sheet in a higher interest rate environment, alongside exceptional improvements in asset quality indicators, solid capital adequacy, ample liquidity, and advancements in technology.

This financial report from NBF not only demonstrates its resilience and strategic acumen in navigating complex market dynamics but also positions it as a leading financial institution capable of achieving sustainable growth amidst fluctuating economic conditions.

With inputs from WAM