National Bank of Fujairah posted a strong set of results in the first half of 2023

National Bank of Fujairah posted a strong set of results in the first half of 2023

National Bank of Fujairah PJSC (NBF) is pleased to announce its results today for the six month period ended 30 June 2023.

Highlights:

- NBF recorded year-on-year growth of 120.7% to close the six month period with a net profit of AED 332.1 million compared to AED 150.5 million in the corresponding period of 2022. On the back of a robust Q2 2023 performance, NBF posted a net profit of AED 180.1 million in the second quarter of 2023, a rise of 99.8% 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 AED 785.3 million for the six month period, a substantial increase of 28.9% compared to AED 609.1 million in the corresponding period of 2022 and up 22.7% for the three month period ended 30 June 2023 over the corresponding period of 2022.

- Operating income reached AED 1.1 billion for the six month period ended 30 June