National Bank of Fujairah PSC (NBF) 2010 Half Year Profit up 36.7%
NBF recorded net profit of AED 83.0 million compared to AED 60.7 million in 2009Loan loss provision of AED 97.1 million made compared to AED 89.3 million in 2009Operating income grew by 16.1% and operating costs reduced by 16.3%Investment income of AED 3.9 million compared to AED 32.3 million in 2009Cost to income ratio improved from 50.9% in 2009 to 36.7%Strong capital adequacy and advances to deposits ratios maintained at 22.38% (Tier 1 Ratio of 14.1%) and 79.1% well ahead of Central Bank minimum requirementsTotal assets of AED 12.5 billion and total shareholders' equity of AED 1.8 billion
Sir Easa Saleh Al Gurg, KCVO, CBE, Deputy Chairman commented:
"Our strategy of enhanced focus on sustained core business growth in the UAE and financial stability has contributed to the Bank's solid half year profit growth of 36.7%. The Bank's results are driven by core business from all emirates across the UAE. The Bank will continue to leverage its strong liquidity and capital adequacy position and prudent provisioning levels to grow good quality business."
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