National Bank of Fujairah (NBF)reported a 63.85 per cent jump net profits to Dh170.9 million last year, compared to Dh 104.3 million in 2009, the company said in a statement.
The bank's operating income grew by 12.2 per cent and operating costs were reduced by 7.9 per cent while cost to income ratio improved from 44.5 per cent to 36.6 per cent.
The provision for loan losses was Dh205.0 million for the year compared to Dh214.3 million for 2009. The Bank continues to be prudent and proactive in providing for potential loan losses in view of ongoing uncertain market conditions.
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