Monday, Jul 18, 2011
DUBAI (Zawya Dow Jones)--National Bank of Fujairah (NBF.AD) on Monday reported a 66% rise in second-quarter net profit on lower provisions and robust lending.
The bank's second-quarter net profit rose to 74.56 million U.A.E. dirhams ($20.3 million), from AED44.84 million in the same period in 2010, according to calculations based on previous statements and data from Zawya.com. The bank didn't provide a quarterly breakdown.
The lender in the first half of 2011 posted AED62.5 million in loan loss provisions compared with AED97.2 million in the same period in 2010. First-half loans and advances grew 8.9% to AED9.5 billion.
National Bank of Fujairah's main shareholders include the government of Fuhjairah and Dubai. Listen on the Abu Dhabi exchange, it is mainly active in wholesale banking and trade finance.
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
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(END) Dow Jones Newswires
18-07-11 0647GMT
