National Bank of Fujairah recorded a net profit after tax of AED 441.2 million during the first half of this year.
According to a press release issued today, the bank’s pre-tax profits increased by 46% year-on-year to end the six-month period with a net profit of AED 484.9 million compared to AED 332.1 million in the same period in 2023.
During the second quarter of this year, National Bank of Fujairah achieved a net profit before tax of AED 210.1 million, an increase of 16.7% over the same quarter in 2023.
National Bank of Fujairah achieved operating profits of AED 845.8 million for the six-month period, an increase of 7.7% compared to AED 785.3 million in the same period in 2023, and an increase of 5.1% for the three-month period ending June 30, 2024 compared to the same period in 2023.
Operating revenues amounted to AED 1.2 billion, an increase of 8.2% compared to AED 1.1 billion in the same period in 2023 and an increase of 5.6% for the three-month period ended 30 June 2024 compared to the same period in 2023, reflecting the performance of the core business.
Net interest income and net income from Islamic financing and investment activities grew by 7% to AED 882.5 million for the six-month period ended 30 June 2024 compared to AED 825.1 million for the same period in 2023, while it witnessed a growth of 3.1% for the three-month period ended 30 June 2024 compared to the same period in 2023.
Net fees, commissions and other income also grew by 8.9% to AED 229.8 million for the six-month period ended 30 June 2024 compared to AED 211 million in the same period in 2023, and increased by 12.1% for the three-month period ended 30 June 2024 compared to the same period in 2023.
Customer deposits and Islamic customer deposits increased by 7.8% to AED 41.6 billion compared to AED 38.6 billion at the end of 2023, and increased by 19.3% from June 30, 2023.
“NBF’s financial performance over the past quarters underscores the importance of maintaining a prudent and strategic approach to sustainable growth, and we will continue to focus on achieving our financial and operational objectives,” said Dr. Raja Easa Al Gurg, Vice Chairperson of the Board of Directors.
WAM
