NBF records best-ever operating performance in 2022


NBF records best-ever operating performance in 2022

National Bank of Fujairah (NBF) on Wednesday announced that its operating income surged 25.8 per cent to Dh1.8 billion last year while operating profit climbed 29.4 per cent to Dh1.2 billion due to a solid turnaround supported by robust capital adequacy and sound improvement in asset quality.

In a statement, the Fujairah-based lender, which was incorporated in 1982, said its net profit recorded 195.3 per cent year-on-year growth at Dh340.4 million last year compared to Dh115.2 million in 2021.

“This reflects the bank’s long-standing customer centric approach, good quality business growth and enhanced balance sheet management supported by the impressive local economic recovery despite an uncertain global geopolitical environment,” the statement said.

“Our record 2022 operating performance was testament to the robustness of our business model and operational strategy. Despite a year marked by volatile geopolitical conditions, record inflation and climate-linked disasters, we were sufficiently resilient to adapt to the emerging conditions and record strong growth,” Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, chairman, NBF, said.

“We increased operating income by 25.8 per cent to Dh1.8 billion, the highest in our 40-year history. Likewise, operating profit increased by 29.4 per cent to Dh1.2 billion. This demonstrates the adaptability of the NBF franchise to