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FUJAIRAH / WAM
National Bank of Fujairah (NBF) announced its results for the nine month period ending September 30, 2017, posting an operating profit of AED228.7 million in the period, a rise of 11.9 percent quarter-on-quarter, and an increase of 5.2 percent for the nine month period compared to 2016.
According to a press release from the bank, this reflects a high level of resilience in the bank’s core business and enhanced balance sheet management in a rising interest rate environment. On the back of a strong Q3 2017 performance, NBF reported a net profit of AED401.4 million for the nine month period ended September 30, 2017, up 2.7 percent over the corresponding period of 2016.
Net interest income and net income from Islamic financing and investment activities for the quarter grew by 11.5 percent, and 6.8 percent for the nine month period compared with 2016.
Operating income for the quarter experienced a growth of 8.6 percent and 4.0 percent for the nine month period compared to 2016. Income from investments and Islamic instruments doubled to AED14.7 million compared to the corresponding period of 2016.
Loans and advances and Islamic financing receiva-bles rose 3.6 percent from AED22.8 billion at 2016 year end to AED23.6 billion, and up by 8.0 percent from September 30, 2016.
The growth compares well relative to the marginal decline in credit growth at the industry level, reported in August 2017 in the UAE Central Bank’s statistics report.
Customer deposits and Islamic customer deposits increased marginally by 0.6 percent from AED25.9 billion at 2016 year end to AED26.1 billion, and up by 12.9 percent from 30th September 2016.
Shareholders’ equity of AED4.8 billion exceeded the 2016 year end level by 5.4 percent, an increase of
6.7 percent from September 30, 2016.
Strong capital adequacy and liquidity levels were maintained, well ahead of Central Bank’s minimum
requirements.
Capital adequacy ratio was 17.95 percent, lending to stable resources ratio stood at 87.8 percent and eligible liquid assets ratio, ELAR, remains as one of the highest at the industry level at 20.8 percent.