National Bank of Fujairah reports Dh552.2 million 2019 net profits | Banking – Gulf News

National Bank of Fujairah reports Dh552.2 million 2019 net profits | Banking – Gulf News:

National Bank of Fujairah (NBF) on Sunday reported a net profit of Dh552.2 million compared to Dh615.3 million in 2018, posting a decline of 10.3 per cent after absorbing elevated level of provisions.

Bank’s board has recommended distribution of profits of 13.5 per cent in the form of cash dividends of 10 per cent and bonus shares of 3.5 per cent.

NBF’s total comprehensive income for the year was Dh611.5 million, up 4.5 per cent compared to Dh585.4 million in 2018. The bank achieved a strong operating profit of Dh1.15 billion which increased by 8.9 per cent compared to Dh1.05 billion in 2018.

Operating income at Dh1.7 billion experienced a growth of 8.5 per cent. This was driven by a high level of resilience in the bank’s core business with good volume growth, enhanced balance sheet management and effective pricing strategies.