National Bank Of Fujairah Achieves AED 850.1 Million Net Profit For 2024 Amid Strong Business Growth

The National Bank of Fujairah (NBF) has announced a net profit after tax of AED 850.1 million for 2024, marking a notable increase from the previous year. This achievement was highlighted in the bank's financial results for the year ending 31 December 2024, showcasing record profitability due to strong business growth, efficient cost management, and improved asset quality.

NBF's operating profit reached an unprecedented AED 1.62 billion, indicating enhanced revenue generation across key business segments. The net profit before tax rose by 28.9% year-on-year to AED 934.8 million, demonstrating the bank's resilience in a challenging operating environment, according to a statement from the bank.

The bank recorded its highest-ever operating income of AED 2.4 billion, up by 6.7% compared to 2023. This reflects a strategic focus on growing key business segments, proactive asset and liability management, and maintaining a customer-centric approach despite declining interest rates.

Net interest income and net income from Islamic financing and investment activities increased by 4.8%, reaching AED 1.79 billion compared to AED 1.70 billion in the previous year. Operating expenses rose by 15.9%, reflecting NBF’s investments in its businesses, systems, infrastructure, and workforce.

NBF's cost-to-income ratio stood at 33.3%, up from 30.6% in 2023, yet remaining within the mid-industry range. This reflects investments aligned with the bank’s future growth strategy, including digitalisation initiatives aimed at enhancing customer service, innovation, and competitiveness in response to changing market demands.

Sheikh Saleh Bin Mohamed Bin Hamad AlSharqi, Chairman of NBF, expressed pride in achieving another record year of performance that highlights the bank’s resilience and effective strategies contributing to sustainable improvement.

Economic Outlook and Commitment to Growth

The UAE economy is projected to grow by 6.7% in 2025, up from 3.8% in 2024, driven by diversification efforts, strong trade relations, a thriving tourism sector, and continued economic expansion. NBF aims to leverage this momentum for future growth while maintaining capital strength.

Dr. Raja Easa Al Gurg, Deputy Chairperson of NBF, praised the robust results achieved in 2024 as an outstanding accomplishment that underscores the Group’s core activities' strength and solid revenue growth across key business segments.

Awards and Recognition

NBF received several prestigious industry awards throughout 2024, highlighting its culture of exceptional financial service and client partnership. The bank continues to progress towards long-term sustainability and value creation with ongoing support from its Board.

Supported by a diversified balance sheet and robust capital adequacy, NBF achieved these results while integrating advanced technology into its services and adhering to high standards of risk management practices.

With inputs from WAM