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NBF posted record set of results achieving its best ever operating and net profit. Operating profit reached AED 1.1 billion up 15.2% and net profit surged 30.4% to reach AED 615.3 million

NBF is pleased to announce its results for the year ended 31 December 2018 in accordance with the approval received from the Central Bank of the United Arab Emirates (CBUAE).


  • NBF posted its highest ever operating profit of AED 1.1 billion, a rise of 15.2% compared to AED 913.6 million in 2017. This exhibits the bank’s long standing customer centric approach, selective business growth and high level of resilience.

  • Operating income at AED 1.6 billion saw a growth of 14.2% compared to 2017. This was achieved by the strong core business performance, proactive asset and liability management, margin improvement and an enhanced focus on return on capital.

  • Net interest income and net income from Islamic financing and investment activities for the year grew by 18.4% to AED 1.1 billion compared to 2017.

  • Foreign exchange and derivatives income experienced exceptional growth of 36.2% reaching AED 137.3 million for the year compared to AED 100.8 million in 2017.

  • Operating expenses increased by 12.2%, reflecting NBF’s disciplined cost management alongside prudent investments in our businesses, systems and infrastructure. These investments include a set of digitalisation initiatives to enhance our future offerings and customer service. Cost-to-income ratio improved to 33.2% compared to 33.7% in 2017, showing the productivity improvements made to date and providing good headroom to continue investing in our technological capabilities.

  • NBF secured net impairment provisions of AED 436.8 million compared to AED 441.7 million in 2017, as the bank used the enhanced operating performance to increase its provision coverage levels. Total provision coverage ratio (including impairment reserves) improved to 102.0% from 89.5% as at 31 December 2017. The NPL ratio improved to 5.13% from 5.53% as at 31 December 2017.

  • NBF recorded year-on-year growth of 30.4% to close the year at its best ever net profit of AED 615.3 million compared to AED 471.9 million in 2017.

  • Loans and advances and Islamic financing receivables rose 8.9% from AED 24.1 billion at 2017 year end to AED 26.2 billion.

  • Customer deposits and Islamic customer deposits increased by 9.4% from AED 27.9 billion at 2017 year end to AED 30.5 billion.

  • Assets were up 8.5% from AED 36.7 billion at 2017 year end to AED 39.8 billion.

  • Shareholders’ equity increased by 4.7% from AED 4.89 billion at 2017 year end to AED 5.12 billion.

  • Strong capital adequacy and lending to stable resources ratios were maintained at 15.2% (Tier 1 ratio of 14.1% and CET 1 ratio of 12.6%) and 86.5% respectively, well ahead of CBUAE minimum requirements. Further, eligible liquid assets ratio (ELAR) remains strong at 21.9%.

  • Return on average assets improved to 1.6% from 1.3% in 2017 and return on average equity improved to 12.3% from 10.0% in 2017.

  • Taking into account the 2018 performance, a distribution of profits of 20% (2017: 15%) has been recommended in the form of cash dividends of 7.5% (2017: 7.5%) and bonus shares of 12.5% (2017: 7.5%) of the paid-up capital. 

H.H. Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said:  

“We are pleased with the outstanding set of results accomplished by NBF. Our record 2018 performance demonstrates both the capability and adaptability of the Group to navigate through the rapidly-changing conditions effectively to emerge ever stronger. Our strategic focus remains the delivery of exceptional customer service, executing on our vision to be the financial partner for business with a focus on achieving sustainable long-term growth. NBF believes in true value creation for all of its stakeholders, improving resilience as an operationally agile organisation and enhancing reputation and performance with stability, professionalism and the highest ethical standards.

We were honoured with a number of prestigious awards and endorsements throughout 2018, further underscoring NBF’s well established culture of service excellence and client partnership.

I would like to take this opportunity to thank both our clients and our shareholders for their continued trust and support. On behalf of the Board, I would like to congratulate management and all staff members on achieving excellent set of results for 2018 and acknowledge the utmost dedication, passion and commitment with which employees work to seize the opportunities ahead of us.

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

“NBF’s praiseworthy performance was achieved in the face of low economic activity and volatile conditions in the global markets due to its customer centric approach, hard work and dedication of its staff as well as the leadership’s staunch attention to prudent risk management and sustainable long-term growth. Sound corporate governance practices, solid capital adequacy, strong liquidity and success in leveraging technology continue to enhance the Group’s responsiveness and adaptability to ensure our growth continues. We look forward to another successful year for the Group and remain committed to performing our role in the development of the UAE economy.”

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 Shari’a 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 18 across the UAE

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