National Bank of Fujairah PSC's (NBF) operating profit for the nine months of 2012 grew 17.0%
Growth in core businesses continues to gain momentum
National Bank of Fujairah PSC (NBF) is pleased to announce its results for the nine month period ended 30 September 2012.
Highlights:
- NBF recorded an operating profit of AED 341.4 million compared to AED 291.9 million in the corresponding period of 2011
- Results were driven by strong core business performance and effective asset and liability management
- Net profit was AED 218.1 million compared to AED 200.9 million in the corresponding period of 2011
- Loan loss provision was AED 123.3 million compared to AED 91.0 million in the corresponding period of 2011. NPL ratio improved from 10.9% at year end to 8.4%
- Operating income grew by 13.3% and exchange income, including derivatives income, saw a growth of 17.0%
- Operating expenses increased by 7.6%, which reflected ongoing investment in new initiatives and operating platforms to enhance NBF's customer service experience. Cost-to-income ratio was improved to 37.2% compared to 39.1% in the corresponding period of 2011
- Strong capital adequacy and advances-to-deposits ratios were maintained at 19.7% and 85.5% respectively, well ahead of Central Bank minimum requirements
- Total assets of AED 16.1 billion were up 7.7% from AED 14.9 billion at year end, up 13.9% from 30 September 2011
- Loans and advances of AED 11.6 billion were up 10.2% from AED 10.5 billion at year end, up 15.3% from 30 September 2011
- Deposits of AED 11.2 billion were up 8.5% from AED 10.3 billion at year end, up 20.9% from 30 September 2011
H.E. Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman said:
"We are pleased to see the continuation of the Bank's strong operating performance despite the relatively low economic growth rates being seen generally. Our growth in operating profit, loans and advances and deposits is significantly higher than the industry average, while improvements in the cost to income and NPL ratios will augment the Bank's underlying performance."
"The Bank remains on track towards achieving broad recognition for its high quality performance, and will continue to expand its retail proposition to complement its strengths in wholesale banking and trade finance. Similarly we continue to invest in the community and our people as part of our commitment to the country's future."
About National Bank ofFujairahPSC:
Incorporated in 1982, National Bank of Fujairah PSC (NBF) is a full services corporate bank with strong wholesale banking and trade finance expertise. Leveraging its deep banking experience and market insight withinFujairahand the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF's key shareholders include the Government of Fujairah, the Government of Dubai and business pioneer and community leader H.E. Sir Easa Saleh Al Gurg, KCVO, CBE. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 14 across the UAE.