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NBF records 36% higher profits in 9M

NBF records 36% higher profits in 9M
Higher net profits are driven by improving underlying business momentum
5.04% 5.00 0.24

Abu Dhabi – Mubasher: The net profits of National Bank of Fujairah (NBF) increased by 36.4% to AED 90.44 million during the first nine months of 2021, compared to AED 66.315 million in the same period of 2020, as shown by the bank's consolidated interim financials for the nine-month period ended 30 September 2021.

Higher net profits are driven by improving underlying business momentum and good progress across the bank’s digitalisation programme. 

The bank's net interest income and net income from Islamic financing and investment activities decreased to AED 709.287 million in the January-September period of 2021 from AED 722.052 million in the year-ago period.

The bank's assets reached AED 40.743 billion as of 30 September 2021, compared to AED 39.871 billion as of 31 December 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.026 in the first nine months of 2021, against AED 0.014 in the same period of 2020.

During the third quarter (Q3) of 2021, the bank's net profits hiked to AED 14.227 million from AED 1.223 million in the corresponding period of 2020.

The bank's Deputy Chairperson, Raja Al Gurg, said: "Although the pandemic has posed many challenges and caused considerable volatility, the prospects for an economic recovery are firmer now and the UAE’s economy has proven to be resilient in the face of adversity."

Al Gurg commented: "Whilst we stand at the cusp of great economic and digital change, we are working towards further building on best practices and encourage the development of next-generation digital initiatives and innovative solutions to support our focus on enhancing the clients’ experience and strengthening our governance and control."

It is noteworthy to mention that during the first half (H1) of 2021, the bank achieved a 17% increase in net profits to AED 76.2 million from AED 65.1 million in H1-20.