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National Bank of Fujairah PSC's (NBF) 2012 operating profit grew 21.6% to AED 479.5 million

Continuing growth momentum contributed to record operating profit

National Bank of Fujairah PSC (NBF) is pleased to announce its results for the year ended 31 December 2012 which are being submitted for Central Bank approval.



  • NBF recorded an operating profit of AED 479.5 million compared to AED 394.3 million in 2011.
  • Results were driven by strong core business performance and effective asset and liability management.
  • Net profit was AED 305.8 million compared to AED 280.9 million in 2011.
  • The NPL ratio improved from 10.9% in 2011 to 7.6% in 2012. In addition, we prudently provisioned for possible loan losses from the ongoing restructurings seen in 2012. Loan loss charge was AED 173.3 million compared to AED 113.3 million in 2011. Total provision coverage improved to 79.7 per cent in 2012 from 53.9 per cent in 2011.
  • Operating income grew by 16.7% and exchange income, including derivatives income, saw a growth of 11.6%.
  • Operating expenses increased by 9.2%, which reflected significant investment in new initiatives and process improvements to enhance NBF's customer service experience. The cost-to-income ratio was 36.9%, compared to 39.4% in 2011, resulting from the Bank's ongoing focus on efficiency.
  • Strong capital adequacy and advances-to-deposits ratios were maintained at 19.2% and 82.8% respectively; well ahead of Central Bank minimum requirements.
  • Total assets of AED 17.5 billion were up 17.6% from AED 14.9 billion at year end.
  • Loans and advances of AED 12.2 billion were up 16.1% from AED 10.5 billion at year end.
  • Deposits of AED 12.4 billion were up 20.3% from AED 10.3 billion at year end.
  • Cash dividends of 10.0% of paid-up capital have been recommended.


H.H. Sheikh Saleh Bin Mohammed Al Sharqi, NBF Chairman said:

"The Bank's progressive performance is a product of its well-balanced strategy and proactive management amid fast-changing times. It is also a reflection of the deep business relationships that the Bank has been privileged to enjoy over the years and the high levels of trust that clients have placed on us; the accolades at the 2012 Banker Middle East Awards for NBF's trade finance, treasury management and commercial banking capabilities are good indications of such customer support."

"In view of the solid performance, I, on behalf of the Board of Directors, am pleased to recommend a distribution of profits, in the form of cash dividends, of 10 per cent of paid-up capital." 


H.E. Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman said:

"NBF's performance underscores its resilience and capacity to deliver long term sustainable results in the face of ongoing uncertainty in the operating environment. The Bank increased its market share for a third year running by leveraging its solid liquidity and capital positions to outperform industry growth." 

"Commitment to the strategic development of the UAE continues to be of great importance to NBF, and the Bank will continue to contribute by focusing on its own growth in the local economy."

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