NBF records higher net profits in Q1-24; assets cross $14.4bln

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The National Bank of Fujairah (NBF) witnessed an annual leap in net profits to AED 251.05 million during the first quarter (Q1) of 2024, compared to AED 152 million.

The operating income amounted to AED 614 million as of 31 March 2024, higher by 10.80% year-on-year (YoY) than AED 554.13 million, according to the consolidated financial results.

Basic and diluted earnings per share (EPS) went up to AED 0.11 in Q1-24 from AED 0.06 in Q1-23.

In the first three months (3M) of 2024, the total assets climbed to AED 53.01 billion from AED 51.71 billion a year earlier, while the customer’s deposits grew to AED 39.52 billion from AED 38.57 billion.

Foreign exchange and derivatives income experienced an annual rise of 12.30%, reaching AED 45.10 million for the three-month period ended 31 March 2024.

Raja Easa Al Gurg, Deputy Chairperson of NBF, said: “This strong financial performance reflects the recent years of hard work and the robustness of our balance sheet in a higher interest rate environment coupled with an exceptional improvement in asset quality indicators, solid capital adequacy, ample liquidity and success in harnessing cutting-edge technology.”

“NBF has a good platform for growth with the opportunities that exist within the UAE and beyond; facilitated by our home country’s positive economic outlook, the sustained efforts put in to diversify in the non-hydrocarbon sectors and the strategic global partnerships undertaken to enhance UAE’s position as a global business hub,” Al Gurg noted.

The official highlighted: “This was evidenced by the UAE achieving a 3.4% GDP growth in 2023; with an expectation to grow by 5.3% in 2024.”

As of 31 December 2023, NBF recorded 113% YoY higher net profits at AED 725.06 million, compared with AED 340.38 million.