Abu Dhabi – Mubasher: The National Bank of Fujairah (NBF) registered an annual leap of 195.30% in net profit to AED 340.40 million in 2022 from AED 115.20 million, according to the preliminary income statements.
The earnings per share (EPS) rose to AED 0.13 last year from AED 0.02 in 2021.
The total assets of NBF increased by 10.90% year-on-year (YoY) to AED 47.62 billion in 2022, compared with AED 42.94 billion.
Operating income for 2022 grew by 25.80% to AED 1.81 billion from AED 1.44 billion in the previous year.
Customer deposits and Islamic customer deposits recorded in 2022 surged by 11% to AED 35.70 billion, compared to AED 32.20 billion in 2021.
Chairman of NBF, Sheikh Saleh Al Sharqi, commented: “Our record 2022 operating performance was testament to the robustness of our business model and operational strategy.”
Al Sharqi elaborated: “Despite a year marked by volatile geopolitical conditions, record inflation and climate-linked disasters, we were sufficiently resilient to adapt to the emerging conditions and record strong growth.”
Outlook
In terms of the NBF’s objective for the coming year, Deputy Chairperson, Raja Easa Al Gurg, said: “Despite the mild recessionary pressures forecast for 2023, we look forward to another successful year for the group and remain committed to performing our role in the progress of the UAE economy.”
During the January-September period of 2022, NBF achieved net profits worth AED 230.68 million, compared to AED 90.44 million in the first nine months (9M) of 2021.
The total assets soared to AED 44.37 billion in 9M-22, a growth from AED 42.94 billion as of 31 December 2021.
