The National Bank of Fujairah (NBF) posted a 15.2 percent net profit rise for 2003 with earnings reaching 93 million Emirati dirhams ($25 million) compared to Dh 80.7 million in 2002.
The bank's total balance sheet growth was 27 percent with total assets growing to Dh 3.4 billion from Dh 2.54 billion in 2002. Shareholders' equity increased by 40 percent last year to Dh 861 million.
NBF was incorporated in 1982 with an initial share capital of Dh 150 million. Banking operations commenced in 1984, with a branch in Fujairah. Within a few months, branches had also been opened in Abu Dhabi and Dubai, where the focus of business to the present time has been on the finance of foreign trade and, to a lesser extent in Abu Dhabi, on the contracting and construction industries, oil and gas related projects. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
