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National Bank of Fujairah PJSC (NBF) – NBF posted record half year results Net profit rose 15.1% to reach AED 357.1 million

NBF is pleased to announce its results for the six month period ended 30 June 2019.


  • NBF posted a record net profit of AED 357.1 million for the six month period ended 30 June 2019, a rise of 15.1% over the corresponding period of 2018, which exhibits its resilient business strategy.


  • NBF also recorded its best ever half year operating profit of AED 567.0 million which increased by 9.1% compared to AED 519.9 million in the corresponding period of 2018 driven by focus on steady quality business growth.

  • Operating income for the six month period was AED 841.5 million which saw a growth of 9.5% compared to the corresponding period of 2018. This was achieved by growth in core business volumes, proactive asset and liability management and effective pricing strategies. Net interest income and net income from Islamic financing and investment activities grew by 7.3% and net fees and commission income by 13.8% compared to the corresponding period of 2018. Income from investments and Islamic instruments marked a significant bounce back; fair value gain on fair value through profit or loss (FVTPL) and fair value through other comprehensive income (FVOCI) investment portfolio improved by AED 50.3 million during the six month period ended 30 June 2019.

  • Foreign exchange and derivatives income experienced a growth of 6.0% reaching AED 74.2 million for the six month period compared to AED 70.0 million in 2018.

  • Operating expenses increased by 10.3%, reflecting NBF’s investments in businesses, infrastructure and digitalisation initiatives to provide exceptional customer service and enhanced experience in line with the changing market demands. Cost-to-income ratio stood at 32.6% compared to 32.4% in the corresponding period of 2018 and 33.2% for the year ended 31 December 2018. 

  • NBF maintained net impairment provisions of AED 209.9 million for the six month period compared to AED 209.7 million in 2018. Total provision coverage ratio (including impairment reserves) improved to 108.6% from 102.0% as at 31 December 2018. The NPL ratio improved to 4.8% compared to 5.1% as at 31 December 2018.

  • Loans and advances and Islamic financing receivables rose 6.6% from AED 26.2 billion at 2018 year end to AED 27.9 billion, and up by 7.2% from 30 June 2018. The growth compares well relative to the marginal increase in credit growth at the industry level, reported in May 2019 in the UAE Central Bank’s statistics report.

  • Customer deposits and Islamic customer deposits depicted a growth of 1.7% at AED 31.0 billion compared to AED 30.5 billion at 2018 year end, up by 10.0% from 30 June 2018.

  • Assets reached AED 42.5 billion; a rise of 6.9% from AED 39.8 billion at 2018 year-end, up by 11.7% from 30 June 2018.

  • Shareholders’ equity rose 5.1% from AED 5.1 billion at 2018 year-end to AED 5.4 billion, up by 10.5% from 30 June 2018.

  • Strong capital adequacy and lending to stable resources ratios were maintained at 15.6% (Tier 1 ratio of 14.5% and CET 1 ratio of 13.0%) and 89.6% respectively, well ahead of CBUAE minimum requirements. Further, eligible liquid assets ratio (ELAR) and advances to deposits ratio remained strong at 19.7% and 90.1% respectively.

  • Return on average assets was 1.74%, up from 1.66% for the corresponding period in 2018.

  • Return on average equity was 13.60%, up from 12.71% for the corresponding period in 2018.

  • NBF’s rating was re-affirmed at 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, highlighting the bank’s underlying strength, prudent risk management and resilience. 


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

“We are pleased to see record half year results, particularly in the face of low economic activity in the market. It is encouraging that NBF is able to maintain its growth momentum through a clear focus on its core business, effective execution of its business and operational strategy, enhanced return on capital and differentiation through exceptional customer service.

We are delighted to see the growing market recognition during the quarter; where NBF ranked second in the Top CEO Award 2019 by Mediaquest in the category for Top 10 Banking Companies in the GCC and the first in the banking sector in the UAE. NBF also won the International Employee Engagement Award at the International Business Excellence Awards 2019. NBF will continue to uphold the highest standards of compliance, internal control and risk management practices commensurate with the new regulatory changes, digitalization initiatives and information and cyber security requirements.

As an established franchise with an engaged and enabled workforce, we are optimistic that the Group will continue to perform impressively throughout the course of the year adding value to the UAE economy as a whole.”


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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