Abu Dhabi – Mubasher: The National Bank of Fujairah (NBF) recorded 28.90% year-on-year (YoY) higher net profits before tax valued at AED 934.80 million in 2024, compared to AED 725.10 million.
NBF’s net profit after tax reached AED 850.10 million in 2024, with a corporate tax charge of AED 84.70 million, according to the annual financial results.
Backed by an improvement of AED 20 million in investments designated as fair value through other comprehensive income (FVOCI), NBF’s total comprehensive income hit AED 870.1 million in 2024.
This was higher by 10.10% when compared to AED 790.40 million in 2023.
The higher revenue from balance sheet growth enabled NBF to generate its highest-ever operating profit of AED 1.62 billion, an annual rise of 2.60% from AED 1.58 billion.
Operating income increased by 6.70% YoY to AED 2.40 billion as of 31 December 2024, reflecting enhanced focus on key business segment growth, proactive assets, and liability management.
Total assets jumped by 17.70% to AED 60.90 billion last year from AED 51.70 billion at 2023 year-end, while the customer deposits and Islamic customer deposits increased by 18.60% to AED 45.80 billion from AED 38.60 billion.
At the end of September 2024, NBF registered net profits of AED 650.42 million, up YoY from AED 513.16 million.
