Abu Dhabi – Mubasher: The financial results of National Bank of Fujairah (NBF) recorded net profits of AED 66.32 million during the first nine months of 2020, 87% lower than AED 511.61 million in the corresponding period of 2019.

The bank's net interest income and net income from Islamic financing and investment activities declined to AED 722.05 million in the January-September period of 2020 from AED 859.4 million in the year-ago period.

The NBF's total assets decreased to AED 41.78 billion as at 30 September 2020 from AED 42.81 billion as at 31 December 2019.

The basic and diluted earnings per share (EPS) settled at AED 0.014 in the first nine months of 2020, against AED 0.248 in the same period of 2019.

In the third quarter (Q3) of 2020, the bank's net profits plunged to AED 1.223 million from AED 154.53 million in the corresponding quarter of 2019.

The Deputy Chairman, Raja Al Gurg, said: "The Board is confident that the fundamental strength of our franchise remains intact despite the immediate challenges to profitability. Our strong capital and liquidity position enables us to proactively deal with the situation and will allow us to emerge stronger than ever."

It is noteworthy to mention that in the first half (H1) of 2020, the bank's net profits slid by 81.8% to AED 65.092 million, against net profits of AED 357.077 million in the same half of 2019.