National Bank of Fujairah net profit soars 120.7%

National Bank of Fujairah net profit soars 120.7%

NBF posted an operating profit of Dh785.3 million for the six month period

BF posted a net profit of Dh180.1 million in the second quarter of 2023. — KT file

Published: Wed 26 Jul 2023, 9:40 PM

National Bank of Fujairah (NBF) on Wednesday announced a year-on-year growth of 120.7 per cent in its net profit for the six month period ending June 30, 2023 to Dh332.1 million, compared to Dh150.5 million in the corresponding period of 2022.

On the back of a robust Q2 2023 performance, NBF posted a net profit of Dh180.1 million in the second quarter of 2023, a rise of 99.8 per cent over the corresponding quarter of 2022, which reflects the interest rate environment, an improvement in the impairment provisions during the current quarter and a high level of resilience in its core business despite the prevailing geopolitical headwinds and an uncertain global environment.

Aided by higher net interest income and net income from Islamic financing and investment activities, NBF posted an operating profit of Dh785.3 million for the six month period, a substantial increase of 28.9 per cent compared to Dh609.1 million in the corresponding period of 2022 and up 22.7 per cent for the three month period ended