Jan 24 2012 |
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National Bank of Fujairah PSC (NBF) 2011 profit surges 64.4% to AED 280.9 million
Results reflect good growth in bank's core business despite market conditions
Highlights:
- NBF recorded a net profit of AED 280.9 million compared to AED 170.9 million in 2010
- Results were driven by strong core business performance, effective asset and liability management and reduction in loan loss provision
- Loan loss provision was AED 113.3 million compared to AED 205.0 million in 2010
- Operating income grew by 14.1% from AED 568.0 million in 2010 to AED 648.3 million in 2011
- Exchange income, including derivative income, saw a growth of 18.1% to a record high of AED 50.0 million
- Cost-to-income ratio of 39.4% (2010: 35.6%) reflects investment in new growth initiatives
- Strong capital adequacy and advances-to-deposits ratios were maintained at 20.3% (Tier 1 ratio of 12.8%) and 84.8% respectively, well ahead of Central Bank minimum requirements
- Total assets of AED 14.9 billion were up 15.5% from AED 12.9 billion at year end
- Total loans and advances of AED 10.5 billion were up 20.5% from AED 8.7 billion at year end
- Return on average assets was 2.0% compared to 1.4% in 2010
- Return on average equity was 14.4% compared to 9.7% in 2010
- Cash dividends of 10.0% of paid-up capital has been recommended
H.H. Sheikh Saleh Bin Mohammed Al Sharqi, Chairman said:
"The Bank's resilient performance is a resounding endorsement of its well-balanced growth strategy. Despite the prevailing market, the Bank has managed to grow core earnings which, coupled with a sharper focus on balance sheet management and reduction in credit losses, helped produce one of the strongest sets of results in its operating history.
The Board of Directors, management and staff can rightly feel proud of these results. I, on behalf of the Board of Directors, am therefore pleased to recommend a distribution of profits in the form of cash dividends of 10% of the paid-up capital."
H.E. Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman commented:
"We are pleased to witness the sustained improvement of the Bank's operating performance. Backed by prudent policies and strong liquidity and capital positions, the Bank was able to grow its operating profit to a record high of AED 394.3 million and loan book by 20.5%, which is significantly greater than the industry average.
NBF is committed to the growth of Fujairah and the UAE. Despite the wider global challenges, good opportunities still exist and we will continue to leverage them for the continued success of the Bank and the future of the UAE."
-Ends-
About
National Bank of Fujairah
PSC:
Incorporated in 1982,
National Bank of Fujairah
PSC (
NBF
) is a full services corporate bank with strong wholesale banking and trade finance expertise. Leveraging its deep banking experience and market insight within Fujairah and the UAE,
NBF
is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF 's key shareholders include the Government of Fujairah, the Government of Dubai and business pioneer and community leader H.E. Sir Easa Saleh Al Gurg, KCVO, CBE. It is listed on the Abu Dhabi Securities Exchange under the symbol " NBF " and has a branch network of 13 across the UAE.
For further information, please contact
Veathika Jain
PR Manager
Matrix Public Relations
Mob: +971 50 4693191
Tel: +971 4-3430888
Fax:+971 4-3432226
Email: veathika@matrixdubai.com
Bardees Badr
PR Executive
Matrix Public Relations
Tel : +971(04)343 0888
Mobile: + 971 (50)210 9221
Fax: +971(04)343 2226
Email: bardees@matrixdubai.com
© Press Release 2012
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