18/07/2018 07:41 AST

National Bank of Fujairah (NBF) on Tuesday reported a net profit of Dh310.2 million for the first half of 2018, up 10.4 per cent compared to the same period last year.

NBF posted a net profit of Dh164.8 million in the second quarter of 2018, up 13.4 per cent quarter on quarter. Operating profit for the first half of the year recorded a year-on-year growth of 18.5 per cent to Dh519.9 million compared to Dh438.6 million in the corresponding period of 2017. For the second quarter of the year, operating profit surged 20 per cent to Dh271.9 million from Dh226.6 million in 2017. Operating income for the six-month period at Dh768.7 million saw a growth of 14.6 per cent compared to the corresponding period of 2017.

The bank attributed the gains in operating income to enhanced balance sheet management in a rising interest rate environment, efficient management of liquidity and effective pricing strategies.

Net interest income and net income from Islamic financing and investment activities for the six-month period grew by 21.7 per cent year on year to Dh525.1 million in the first half of 2018. Foreign exchange and derivatives income grew 36.7 per cent to Dh70.0 million in the first six months of this year compared to Dh51.2 million in 2017.

Operating expenses increased by 7.2 per cent during the first half of the year reflecting investments in businesses, systems and infrastructure, including a set of digital initiatives. Cost-to-income ratio stood at 32.4 per cent compared to 34.6 per cent in the corresponding period of 2017. “NBF’s impressive financial results, healthy liquidity, strong capital adequacy and prudent business strategy shape a strong foundation for growth for the rest of the year and beyond,” said Easa Saleh Al Gurg, Deputy Chairman of NBF.

Loans and advances and Islamic financing receivables rose 8.2 per cent from Dh24.1 billion at year end 2017 to Dh26 billion at the close of the first half of 2018, and up by 8.9 per cent year on year in the first half of this year compared to the same period last year.

Customer deposits and Islamic customer deposits stood at Dh28.2 billion compared to Dh27.9 billion at 2017 year-end, and up by 11.5 per cent from June 30, 2017. Shareholders’ equity stood at Dh4.87 billion compared to Dh4.89 billion at 2017 year-end, and up by 2.9 per cent from 30 June 2017. NBF reported Dh209.7 million impairment losses for the first six months of 2018 compared to Dh157.6 million in the same period in 2017. The NPL ratio improved to 5.29 per cent from 5.53 per cent as at 31 December 2017.

Capital adequacy and lending to stable resources ratios were maintained at 16.8 per cent and 90.4 respectively, with Tier 1 ratio of 14.4 per cent. Return on average assets was 1.7 per cent up from 1.6 per cent for the corresponding period in 2017; and return on average equity was 12.7 per cent, up from 12.1 per cent for the corresponding period in 2017.

Gulf News

NBF eyes higher profitability with improving business condition


National Bank of Fujairah (NBF) reported strong growth in profit in the first half of 2018, supported by sustained gains in its core banking business, and is expected to maintain the growth momentum

Gulf News

UAE's NBF looks to set up debt programme to fund growth plans


The National Bank of Fujairah, which counts the emirate's government and Investment Corporation of Dubai among its shareholders, plans to set up a debt programme and regularly tap international capit

The National

National Bank of Fujairah approves 15% dividend


National Bank of Fujairah said on Sunday its shareholders approved 15 per cent dividend distribution at the Annual General Assembly Meeting.

This took the form of cash dividends of 7.5 per

Gulf News

Ticker Price Volume
DANAH 46.60 48,475
SARCO 42.30 227,758
HERFY 44.80 10,015
NBF Sector Market
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
FAB 13.80 0.10 (0.72%)
RJHI 84.20 0.20 (0.23%)
NCB 41.50 0.30 (0.72%)
SAMBA 30.25 -0.55 (-1.79%)
NBK 834.00 2.00 (0.24%)
Bank Nizwa participates in Malaysia industry event


Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board

Times of Oman

Emirates NBD stands chance to renegotiate Denizbank acquisition


The sharp decline of the Turkish lira in recent weeks has triggered speculation in banking circles that Emirates NBD stands a chance to renegotiate its deal to acquire Denizbank as the valuation has

Gulf News

Eshraq reports best half-year since 2014


Abu Dhabi-listed Eshraq Properties reported a first-half net profit of Dh14.8 million, compared to a loss of Dh0.32 million in the first half of 2017. The property firm said in a press statement that

Gulf News

Damac and RHG to launch Radisson Hotel


Damac Properties has signed a landmark agreement with Radisson Hotel Group (RHG) to develop and launch the ‘Radisson Hotel, Dubai Damac Hills’, its first, newly launched Radisson-branded property wor

The Gulf Today

Adnoc Distribution net profit up 18pc in H1


Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) has reported that net profit for the six months ended June 30, 2018, increased by 18 per cent to Dh1.124 billion ($306 million) co

Trade Arabia