National Bank of Fujairah’s net profit surges 151.8% in Q1 2023

National Bank of Fujairah’s net profit surges 151.8% in Q1 2023

FUJAIRAH: National Bank of Fujairah (NBF) announced its results today for the first quarter of 2023 ending 31st March.

NBF recorded year-on-year growth of 151.8 percent to close the three month period at a net profit of AED 152.0 million compared to AED 60.4 million in the corresponding period of 2022. This demonstrates the bank’s enhanced focus on quality business, an efficient funding base and improving resilience facilitated by notable local growth despite the uncertain geopolitical conditions and global environment.

Supported by higher net interest income and net income from Islamic financing and investment activities and fee income, NBF posted an operating profit of AED 397.9 million for the three month period, a rise of 35.7 percent compared to AED 293.2 million in the corresponding period of 2022 and up 30.9 percent quarter-on-quarter.

Operating income reached AED 554.1 million, up 34.2 percent compared to AED 412.8 million in the corresponding period of 2022 and up 12.0 percent 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, up 69.4 percent and net fees, commission and other