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National Bank of Fujairah PJSC (NBF) 2015 half year profit surges 30.5%

Ongoing positive performance reaffirms bank’s solid business focus and strong product and service delivery

National Bank of Fujairah PJSC (NBF) is pleased to announce its results for the half year ended 30 June 2014.


  • NBF recorded a net profit of AED 239.5 million compared to AED 183.5 million in the corresponding period of 2013; a jump of 30.5%.
  • Operating profit was AED 304.6 million compared to AED 260.3 million in the corresponding period of 2013; a rise of 17.0%.
  • Net impairment losses were AED 65.1 million compared to AED 76.8 million in the corresponding period of 2013; an improvement of 15.2%. The NPL ratio stood at 4.7% compared to 6.7% at 30 June 2013.
  • Total provision coverage was 118.5% compared to 91.1% at 30 June 2013.
  • Net interest income grew by 20.2% and operating income grew by 17.8% compared to the corresponding period of 2013.
  • Operating expenses increased by 19.1%; reflecting ongoing investment in enhancing NBF's business and service platforms. Cost-to-income ratio stood at 36.8% compared to 36.4% in the corresponding period of 2013.
  • Strong capital adequacy and advances-to-deposits ratios were maintained at 16.9% (Tier 1 ratio: 13.8%) and 80.5% respectively; well ahead of Central Bank minimum requirements.
  • Total assets of AED 23.5 billion were up 9.4% from AED 21.5 billion at 2013 year end, and up by 27.8% from 30 June 2013.
  • Loans and advances of AED 15.3 billion were up 7.0% from AED 14.3 billion at 2013 year end, and up by 15.1% from 30 June 2013.
  • Customer deposits of AED 16.6 billion were up 10.9% from AED 15.0 billion at 2013 year end, and up by 33.8% from 30 June 2013.
  • Return on average assets improved to 2.13% compared to 2.04% for the corresponding period in 2013.
  • Return on average equity improved to 15.6% compared to 14.4% for the corresponding period in 2013.
  • NBF received further market recognition when it was awarded "Best Domestic Commercial Bank" by Banker Middle East (BME) for the third year in a row. The bank has consistently received high praise for its expertise in the areas of commercial banking, trade finance and treasury, and has, for the first time, also won the "Best Customer Service - Corporate & Investment Banking" award from BME earlier this year.

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

"We are pleased to report yet another splendid set of 2014 half year results, underscoring the bank's steadfast efforts at enhancing its core business, service delivery and product offerings. During this period, it has also been good to see our efforts recognised by a number of external bodies, such as Banker Middle East, the Etihad Credit Bureau, and most importantly our customers.

"NBF's solid set of financial results, healthy liquidity, strong capital adequacy and prudent business strategy continue to form the foundation of its future growth. We remain focused on supporting the development of the UAE economy and enhancing the bank's position as the partner-of-choice for businesses in the country, and look forward to capitalising on new market opportunities and scaling ever greater heights with our customers and shareholders."

About National Bank of Fujairah PJSC:

Incorporated in 1982, National Bank of Fujairah PJSC (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. Rated Baa1 / Prime-2 by Moody's and BBB+ / A-2 by Standard & Poor's, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol "NBF". It has a branch network of 15 across the UAE.

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