National Bank of Fujairah Q1 2023 net profit surges 151.8%, reaching Dh152 million

National Bank of Fujairah Q1 2023 net profit surges 151.8%, reaching Dh152 million

Performance underpinned by quality core business growth, proactive asset and liability management

NBF posted an operating profit of Dh397.9 million for the three month period. - Supplied photo

Published: Wed 26 Apr 2023, 9:14 PM

National Bank of Fujairah (NBF) recorded year-on-year growth of 151.8 per cent in its net profit for the first quarter of 2023 to close the three month period at Dh152.0 million compared to Dh60.4 million in the corresponding period of 2022.

Supported by higher net interest income and net income from Islamic financing and investment activities and fee income, NBF posted an operating profit of Dh397.9 million for the three month period, a rise of 35.7 per cent compared to Dh293.2 million in the corresponding period of 2022 and up 30.9 per cent quarter-on-quarter.

Operating income reached Dh554.1 million, up 34.2 per cent compared to Dh412.8 million in the corresponding period of 2022 and up 12.0 per cent compared to Q4 2022 reflecting the robust core business performance, good levels of activity and enhanced asset and liability management in a rising interest rate environment.

Net interest income and net income from Islamic financing and investment activities, rose 69.4 per cent, while net fees, commission and other income increased 6.6 per cent