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National Bank of Fujairah PJSC (NBF) 2015 half year net profit jumps 26.7%

Positive growth trend underpinned by solid business fundamentals

National Bank of Fujairah PJSC (NBF) is pleased to announce its results for the half year ended 30 June 2015.


  • NBF recorded a net profit of AED 303.6 million compared to AED 239.5 million in the corresponding period of 2014; an increase of 26.7%.
  • Operating profit was AED 390.5 million compared to AED 304.6 million in the corresponding period of 2014; a rise of 28.2%.
  • Net impairment losses were AED 86.9 million compared to AED 65.1 million in the corresponding period of 2014. This largely reflects the increase in the loan book and includes the collective impairment provision required by International Financial Reporting Standards (IFRS) and the Regulator. The quality of assets continues to improve as evidenced by the reduction in the NPL ratio from 4.8% to 3.5%.
  • Total provision coverage improved to 146.6% from 118.5% at 30 June 2014.
  • Operating income experienced a growth of 26.0%. Net interest income grew by 21.9%; net fees and commission income by 39.2% and foreign exchange and derivatives income marked a growth of 26.1% compared to the same period in 2014.
  • Operating expenses increased by 22.2%, reflecting on-going investment in NBF's business and service platforms. Cost-to-income ratio improved to 35.7% from 36.8% over the same period in 2014.
  • Loans and advances of AED 18.4 billion were up by 12.8% from AED 16.3 billion at 2014 year end, and up by 24.5% from 30 June 2014.
  • Customer deposits of AED 19.5 billion were up by 8.5% from AED 17.9 billion at 2014 year end, and up by 17.0% from 30 June 2014
  • Shareholders' equity went up by 20.9% to AED 4.1 billion compared to AED 3.4 billion at 2014 year end. Strong capital adequacy and lending to stable resources ratios were maintained at 18.4% (Tier 1 ratio: 15.7%) and 86.9% respectively, well ahead of Central Bank minimum requirements.
  • Return on average assets was 2.3%, up from 2.1% over the same period in 2014.
  • Return on average equity was 16.3%, up from 15.6% over the same period in 2014.
  • The bank was voted "Best Corporate Bank UAE" and "Best Commercial Bank UAE" at the Banker Middle East Industry Awards. This marks the fourth consecutive year that NBF has retained the best domestic commercial bank title. The recognition of our leadership as a leading corporate bank for the first time cements our status, and aspiration to be, the leading bank for business in the UAE.

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

"It is great to see NBF maintain its growth momentum through an unwavering focus on its core businesses, service capabilities and constant innovation on product offerings to meet the changing needs of customers. We were also pleased to see growing recognition for NBF, ranging from peer bank recognition of its seamless straight-through-processing capabilities to acknowledgement of its rising stature as a trusted partner of choice for businesses in the UAE. 

"As we reach the half-way point for 2015, NBF's impressive financial results, healthy liquidity, strong capital adequacy and prudent business strategy form a strong platform for growth for the remainder of the year and beyond. There is no doubt that our future is inextricably linked to the UAE and we remain committed to exploring opportunities in this marketplace that create exceptional value for 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 and Shariah compliant services. 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 LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment 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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