Abu Dhabi – Mubasher: National Bank of Fujairah (NBF) on Tuesday announced that it has converted the first tier of capital notes amounted to AED 500 million into 175.4 million ordinary shares.

The bank’s ordinary shares rose to 1.47 billion shares instead of 1.64 billion shares, according to a filing to the Abu Dhabi Securities Exchange (ADX).

In the first six months of the year, NBF’s net profit surged 10.4% year-on-year to AED 310.2 million.