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National Bank of Fujairah PJSC (NBF) 2013 nine months net profit surges by 31.3%

Results underscore bank's strengthening business platform and growth momentum

National Bank of Fujairah PSC (NBF) is pleased to announce its results for the nine month period ended 30 September 2013.


  • NBF recorded a net profit of AED 286.4 million compared to AED 218.1 million in the corresponding period of 2012.
  • Operating profit was AED 402.6 million compared to AED 341.4 million in the corresponding period of 2012.
  • Loan loss provision was AED 116.2 million compared to AED 123.3 million in the corresponding period of 2012, an improvement of 5.8%. NPL ratio improved to 5.9% from 8.4% at 30 September 2012 and 7.6% at year end.  
  • Total provision coverage improved to 97.0% from 72.1% at 30 September 2012 and 79.7% at 31 December 2012.
  • Operating income grew by 16.2% and foreign exchange and derivatives income experienced a growth of 15.7%.
  • Operating expenses increased by 13.2%, which reflected ongoing investment in new initiatives and operating platforms to enhance NBF's customer service experience.
  • Cost-to-income ratio improved to 36.2% compared to 37.2% in the corresponding period of 2012.
  • Strong capital adequacy and advances-to-deposits ratios were maintained at 15.9% (Tier 1 ratio: 14.6%) and 86.3% respectively; well ahead of Central Bank minimum requirements.
  • Total assets of AED 19.6 billion were up 11.7% from AED 17.5 billion at year end and up 22.0% from 30 September 2012.
  • Loans and advances of AED 13.9 billion were up 14.0% from AED 12.2 billion at year end and up 20.1% from 30 September 2012.
  • Customer deposits of AED 13.3 billion were up 6.6% from AED 12.4 billion at year end and up 18.2% from 30 September 2012.
  • Shareholders' equity of AED 2.9 billion was up 28.8% from AED 2.3 billion at year end and up 34.1% from 30 September 2012.
  • Return on average assets was 2.1% compared to 1.9% for the corresponding period in 2012.
  • Return on average equity was 14.7% compared to 13.7% for the corresponding period in 2012.

H.E. Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman said: "We are pleased to highlight once again the growth momentum of the bank, as can be seen through the steady growth of its loans and advances, customer deposits, operating profit and net profit. Improvement in the NPL ratio will further augment the bank's underlying performance. 

"Customer service delivery remains the cornerstone of the bank's high quality performance, as well as efforts to raise its public profile to better leverage opportunities in the improving regional economy. NBF also remains committed to the aspirations of the UAE and will continue to play a role in the country's growth through ongoing talent development efforts within the bank and regular investment in the local community."

About National Bank of Fujairah PSC:

Incorporated in 1982, National Bank of Fujairah PSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options. Leveraging its deep banking experience and market insight within Fujairah and 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, Easa Saleh Al Gurg Company LLC and Investment Corporation of Dubai. It is listed on the Abu Dhabi Securities Exchange under the symbol "NBF" and has a branch network of 14 across the UAE.

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