152% increase in the profits of “National Fujairah” to 152 million dirhams in the first quarter

Abu Dhabi, April 26 / The National Bank of Fujairah announced its results for the three-month period ending on March 31, 2023, recording a growth of 151.8% year-on-year, with a net profit of 152 million dirhams, compared to 60.4 million dirhams in the same period in 2022.
The growth achieved reflects the bank’s enhanced focus on business quality, an effective funding base and improved resilience thanks to remarkable domestic growth despite uncertain geopolitical conditions and the global environment.
The bank achieved an operating profit of 397.9 million dirhams for the three-month period, an increase of 35.7% compared to 293.2 million dirhams in the same period of 2022, supported by an increase in net interest income, net revenue from Islamic financing and investment activities, and fee income.
Operating income amounted to 554.1 million dirhams, up by 34.2% compared to 412.8 million dirhams in the same period of 2022, and an increase of 12% compared to the fourth quarter of 2022, which reflects the strong performance of the main business, good levels of activity and enhanced asset and liability management in an environment of rising prices. Benefit.
Net interest income and net income from Islamic financing and investment activities increased by 69.4%, and net fees, commissions and other income increased by 6.6% compared to the same period in 2022, to reach 404.1 million dirhams and 112.8 million dirhams, respectively.
Foreign exchange and derivative financial instruments revenues stabilized at 40.1 million dirhams, compared to 47.1 million dirhams in the same period of 2022, an increase of 3.3% compared to the fourth quarter of 2022.
The bank maintained its conservative policy and transparent recognition of non-performing accounts, taking into account the new credit risk standards that were approved by the Central Bank of the United Arab Emirates and the risk of global recession. The bank secured net impairment provisions of 245.8 million dirhams for the three-month period ending on March 31, 2023, compared to 232.9 million dirhams compared to the same period in 2022.
Loans, advances and Islamic financing receivables increased by 2.3% to reach 27.5 billion dirhams, compared to 26.9 billion dirhams at the end of 2022, an increase of 1.2% from March 31, 2022. Total assets remained stable at 47.5 billion dirhams, compared to 47.6 billion dirhams at the end of 2022. This is an increase of 11.5% from March 31, 2022.
Dr. Raja Easa Al Gurg, Vice Chairman of the Board of Directors, said that the bank achieved a good start to 2023 with a strong set of results for the first quarter supported by a thriving business environment, noting that the bank’s strong focus on quality growth in supporting customer business across all major sectors and improvement in quality The assets and proactive management of the investment portfolio enabled it to achieve a strong overall financial performance.
Al Gurg added that the bank is well positioned to benefit from this growth, and has built an enhanced value creation platform supported by a strong capital and liquidity position, the bank’s digitally enabled strategy to better serve customers’ needs, conservative risk management and compliance standards, and a strong balance sheet.