Monday 23 May 2022

National Bank of Fujairah swings to $31m net profit in 2021

FUJAIRAH, January 25, 2022

National Bank of Fujairah (NBF) has registered a net profit of AED115.2 million ($31.3 million) for 2021 compared to a loss of AED475.3 million ($129 million) in 2020 representing a growth of 124.2% driven by improving underlying business momentum and marked improvement in respect of impairment losses.
Announcing the results for the year ended December 31, 2021, NBF said its operating profit rose 6.8% to AED 955.6 million compared to AED 894.6 million in 2020 underpinned by robust core business growth and enhanced balance sheet management in the protracted low interest rate environment. 
Operating income reached AED 1.4 billion, up 4.1% over 2020 despite the challenging operating conditions impacted by the Covid-19 pandemic globally. 
The progressive trend is in line with the bank’s strategy of prime focus on financial stability and benefitting from digitally enabled services.  
Net interest income and net income from Islamic financing and investment activities stood at AED 941.1 million compared to AED 948.9 million in 2020.
Net fees, commission and other income rose 18.0% to AED 344.3 million compared to AED 291.7 million in 2020. 
On its results for the three month period ended December 31, the Fujairah bank said the net profit was higher by 104.6% compared to the corresponding period of 2020. 
Chairman Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi said: "2021 results mark a welcome return to profitable operations on the back of robust core business growth and improvement in cost of risk in line with the group’s strategy."
"There has been good progress and deliveries across all our businesses, reflected through the growth in operating performance and expanding trade and operational activities," he stated.
Though the global outlook remains subject to downside risks and headwinds amid additional Covid-19 waves, the world is moving towards a recovery with the UAE proactively and dynamically geared towards the next fifty years of exceptional growth, digital innovation and a smart future, he added.-TradeArabia News Service


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