NBF nine-month profit surges 54pc
Fujairah, October 24, 2011
UAE-based National Bank of Fujairah (NBF) said its nine-month net profit rose 54 per cent to Dh201 million ($54.7 million) compared to Dh130.8 million during the same period last year.
Announcing the results on Monday, NBF said the bank's operating income increased by 12.7 per cent to Dh475.2 million compared to Dh421.7 million in the same period last year.
The bank's net interest income hit Dh317.5 million, up19.4 per cent over last year’s Dh266.0 million. This reflected a strong performance in the bank’s core business and effective balance sheet management.
Operating expenses rose by 20.9 per cent from Dh155.2 million to Dh187.6 million as a result of further investment in new initiatives. The cost-to-income ratio was 39.5 per cent.
Commenting on the results, NBF shareholder Sir Easa Saleh Al Gurg, KCVO, CBE deputy chairman said, 'We are pleased to see the bank’s strong progress towards its target operating performance and outperforming the industry on the back of its core business.'
'The loan book saw an encouraging growth of 15 per cent, which is significantly greater than the Industry average. The bank continues to believe good business is very much alive in the UAE despite the wider global challenges and will continue to leverage these opportunities,” he added.-TradeArabia News Service