National Bank of Fujairah’s H1 profit up 17.1 per cent | Banking – Gulf News

National Bank of Fujairah’s H1 profit up 17.1 per cent | Banking – Gulf News

National Bank of Fujairah (NBF) posted a net profit of Dh76.2 million for the first half of 2021, up 17.1 per cent year on year.

The net profit was up 430.8 per cent for the three month period ended 30 June 2021 compared to the corresponding period of 2020.

NBF achieved an operating profit growth of 11.3 per cent for the three month period ended 30 June 2021 over the corresponding period of 2020; and 2.3 per cent compared to Q1 2021. Operating profit stood at Dh502 million for the six-month period compared to Dh521.4 million in the corresponding period of 2020.

Bank’s operating income grew 7.8 per cent during the second quarter over the corresponding period of 2020; and 1.1 per cent compared to Q1 2021. Operating income stood at Dh724.5 million in H1 2021 compared to Dh755.6 million in the corresponding period of 2020.

Net interest income and net income from Islamic financing and investment activities stood at Dh469.1 million for first half of the year compared to Dh 511.9 million in the corresponding period of 2020. Net fees, commission and other income rose 6.1 per cent to Dh 166.2 million for the first half of the year compared to Dh156.7 million in the corresponding period of 2020.

“Our H1 2021 results exhibit the Group’s resilience; marking the return to profitable growth in line with the bank’s strategy to recognize the substantial negative impact from a few exceptional exposures and COVID-19 pandemic in 2020 relatively early to achieve a recovery in asset quality this year. The current economic outlook depicts signs of a return to growth on the back of UAE government measures against the aftermath of COVID-19,” said Dr Raja Al Gurg, Deputy Chairperson of NBF.