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National Bank of Fujairah PJSC (NBF) records impressive net profit growth for the first nine months of 2015

Nine-month net profit rises 22.9% year-on-year to AED 453.8 million

National Bank of Fujairah PJSC (NBF) is pleased to announce its results for the nine-month period ended 30 September 2015.


  • NBF recorded a net profit of AED 453.8 million compared to AED 369.2 million in the corresponding period of 2014; an increase of 22.9%.
  • Operating profit was AED 586.1 million compared to AED 465.4 million in the corresponding period of 2014; a rise of 25.9%.
  • Net impairment losses were AED 132.3 million compared to AED 96.1 million in the corresponding period of 2014. This includes the increase in the bank's loan book and the collective impairment provision required by International Financial Reporting Standards (IFRS) and the Central Bank. Nevertheless, the bank's NPL ratio improved from 4.6% in 2014 to 3.7%.
  • Total provision coverage improved to 137.4% from 118.5% at 30 September 2014.
  • Operating income experienced a growth of 23.5%. Net interest income grew by 21.9%, net fees and commission income by 27.9% and foreign exchange and derivatives income marked a growth of 32.2% compared to the same period in 2014.
  • Operating expenses increased by 19.3%, reflecting on-going investment in NBF's business and service platforms. Cost-to-income ratio improved to 35.9% from 37.1% over the same period in 2014.
  • Loans and advances of AED 19.4 billion were up by 18.9% from AED 16.3 billion at 2014 year end, and up by 21.7% from 30 September 2014.
  • Customer deposits of AED 20.2 billion were up by 12.8% from AED 17.9 billion at 2014 year end, and up by 22.8% from 30 September 2014.
  • Shareholders' equity went up by 24.2% to AED 4.2 billion compared to AED 3.4 billion at 2014 year end. Strong capital adequacy and lending to stable resources ratios were maintained at 18.7% (Tier 1 ratio: 16.0%) and 88.7% respectively, well ahead of Central Bank minimum requirements.
  • Return on average assets was 2.3%, up from 2.2% over the same period in 2014.
  • Return on average equity was 16.0%, up from 15.7% over the same period in 2014.
  • The bank launched NBF Elham, a specialised corporate banking unit dedicated exclusively to supporting the requirements of Emirati female business leaders and entrepreneurs, reaffirming its ongoing efforts at enhancing customer focus and supporting businesses in the local economy.

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

"This latest set of results is once again a firm endorsement of NBF's resolute focus on its core business and discipline in maintaining strong credit quality, healthy liquidity and exceptional service delivery. We are particularly pleased to see the bank maintain its strong growth momentum despite the rapidly-changing operating environment. Such consistency in focus and performance gives us great confidence in the bank's ability to overcome whatever challenges the market may present to achieve greater levels of success.

"We will continue our efforts to strengthen the bank's foundation for success. We will seize opportunities whenever they arise and invest in the necessary platforms to better support our clients, as can be seen with our recent launch of a business unit supporting the business aspirations of Emirati women. As we move closer to the anniversary of the founding of our glorious nation, we would like to express our deep gratitude for being given the privilege to serve the country and look forward to contributing to its economic success for many years to come."

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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