National Bank of Fujairah net profit before tax rose 80.8% in Q1 2024

National Bank of Fujairah net profit before tax rose 80.8% in Q1 2024

NBF posted an operating profit of Dh438.5 million for the three-month period, a rise of 10.2 per cent compared to Dh397.9 million in the corresponding period of 2023. — Supplied photo

Published: Mon 29 Apr 2024, 7:27 PM Last updated: Mon 29 Apr 2024, 7:28 PM

National Bank of Fujairah (NBF) announced on Monday that it recorded a year-on-year growth of 80.8 per cent in net profit before tax of Dh274.8 million in the first quarter of 2024 compared to Dh152.0 million in the corresponding period of 2023.

NBF posted a net profit after tax of Dh251.1 million for the quarter with a corporate tax charge of Dh23.7 million. “These results evidence the bank’s continued focus on selective quality business growth, and the effective management of margins and liquidity. The continued high interest rate environment, continuing improvement in impairment provisions, careful management of costs and buoyant local market conditions, despite the broader uncertain geopolitical conditions and global environment, all contributed to this very strong position,” the bank said in a statement.

NBF posted an operating profit of Dh438.5 million for the three-month period, a rise of 10.2 per cent compared to Dh397.9 million in the corresponding period of 2023; and up 8.7 per cent