gulfnews : National Bank of Fujairah's net profit surges 64.4%

National Bank of Fujairah reported Dh280.9 million net profit for 2011, up 64.4 per cent from Dh170.9 million in 2010.
The bank attributed the profit growth to strong core business performance, effective asset and liability management and reduction in loan loss provisions.
Loan loss provisions for the full year were Dh113.3 million compared to Dh205 million in 2010. Operating income grew by 14.1 per cent from Dh568 million in 2010 to Dh648.3 million in 2011.

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