Abu Dhabi – Mubasher: The net profits of the National Bank of Fujairah (NBF) stood at AED 332.14 million in the first half (H1) of 2023, an annual leap of 120.70% from AED 150.51 million.
The operating income reached AED 1.11 billion in H1-23, marking a 29.60% year-on-year (YoY) surge from AED 858.46 million, according to the consolidated interim financial results.
Total assets amounted to AED 47.86 billion as of 30 June 2023, while the customers’ deposits hit AED 34.87 billion.
Basic and diluted earnings per share (EPS) increased to AED 0.14 during the first six months (6M) of 2023 from AED 0.05 in the year-ago period.
Income Statements for Q2-23
The UAE bank posted a 99.80% surge in net profit to AED 180.13 million during the second quarter (Q2) of 2023, compared to AED 90.16 million in Q2-22.
Operating income climbed by 25.40% to AED 558.85 million in Q2-23 from AED 445.62 million a year earlier, while the basic and diluted EPS jumped to AED 0.07 from AED 0.02.
Raja Easa Al Gurg, Deputy Chairperson of NBF, commented: “NBF’s strong Q2 results reaffirm that our business strategies and operational priorities are on track to ensure we return to our long-term trend of sustainable growth.”
“Against the backdrop of the risk of global recession, high gold prices supported by fears of an economic crisis and simmering geopolitical tensions, the nation’s economy is projected to grow 3.90% in 2023,” Al Gurg noted.
She added: “This growth will be facilitated through the government’s endeavours and collaboration with the private sector that will continue to unlock ample opportunities across diverse spheres coupled with the now substantial foreign direct investment flow into the UAE and hydrocarbon demand.”
“Gaining from this good market momentum, NBF will capitalise on the quality opportunities to enhance shareholder value and will pursue its digitally enabled approach to servicing customer needs, supported by strong capital adequacy, ample liquidity, and a well-diversified balance sheet; being a reliable and consistent player,” the official concluded.
In the three-month period that ended on 31 March 2023, the ADX-listed lender generated 151.80% higher net profits at AED 152 million, compared to AED 60.35 million in Q1-22.
