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NBF reports 10% lower net profits in 2019; dividends proposed

NBF reports 10% lower net profits in 2019; dividends proposed
Eearnings per share (EPS) stood at AED 0.27 in 2019
2.68% 4.98 0.13

 Abu Dhabi – Mubasher: The net profits of National Bank of Fujairah (NBF) declined by 10.3% year-on-year (YoY) to AED 552.183 million in 2019 from AED 615.314 million in 2018, according to the bank’s financial statements for 2019.

NBF’s operating profits reached AED 1.15 billion, up 8.9% in 2019 from AED 1.05 billion in 2018, while the operating income rose by 8.5% to AED 1.708 billion from AED 1.573 billion.

At the same time, the bank’s net interest income and net income from Islamic financing and investment activities grew by 6% to AED 1.152 billion in 2019 from AED 1.086 billion during the earlier year.

The earnings per share (EPS) stood at AED 0.27 in 2019, compared to AED 0.29 in the prior year.

Meanwhile, the bank’s board recommended to distribute cash dividends of 10% for 2019, in addition to a bonus share representing 3.5% of the paid-up capital..

Commenting on the financial results of the bank, the chairman, Sheikh Saleh bin Mohamed bin Hamad Al Sharqi, said: “The Board is pleased with the resilient performance, robust liquidity, solid capital adequacy and healthy returns achieved this year in the face of a difficult operating environment. […] The Board is confident about the Group’s opportunities as we move into 2020 with a clear strategy to reliably support quality businesses and our customers as well as to maintain focus on long term sustainable results and maintaining the financial stability of the Group.

It is noteworthy to mention that during the first nine months of 2019, the bank’s profits rose by 10.7%YoY to AED 511.6 million.