Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

National Bank of Fujairah profit up 28.6% in '13  Join our daily free Newsletter

MENAFN - Khaleej Times - 25/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The bank's net profit rose to Dh393.1 million in 2013 from Dh305.8 million in the previous year and operating profit rose 16.9 per cent to Dh560.7 million from Dh479.5 million in 2012, the bank said in a statement



Last year's profit growth marked NBF's best full-year performance to date, the bank said in a statement



Loan loss provision fell to Dh167.6 million, showing an improvement of 3.5 per cent from Dh173.7 million in 2012. The non-performing loan ratio also improved to 4.6 per cent from 7.6 per cent, NBF said



Operating income grew by 16.5 per cent while foreign exchange and derivatives income rose12.3 per cent. Operating expenses rose by 15.7 per cent in 2013 owing to the bank's investment in improving its businesses and services, NBF said



Total assets amounted to Dhs21.5 billion at the end of 2013, up 22.3 per cent year-on-year



Shaikh Saleh bin Mohamed bin Hamad Al Sharqi, NBF chairman, said the bank has not only demonstrated resilience during the recent market crisis but its focus on core business, service quality and prudent risk management has enabled it to outperform the industry average for a fourth year running to achieve its best profit ever. "Most importantly, as market sentiment improves, the bank has established a firm foundation and stands ready to leverage the exciting developments in the regional economy for further growth.



"In view of the bank's record performance I, on behalf of the board of directors, am pleased to recommend an increase in dividend of 25 per cent and propose a distribution of profits, in the form of cash dividends, of 12.5 per cent (2012: 10 per cent) of paid-up capital," he said



Easa Saleh Al Gurg, the bank's deputy chairman, said NBF's consistently strong performance underscored its focus on delivering long term sustainable results, while the market recognition it has garnered over the years is reaffirmation of the bank's commitment to its client relationships and the development of the local banking sector. "With positive developments, such as the Dubai Expo and the ongoing infrastructure based investment in Abu Dhabi and Fujairah, providing momentum for the next leg of the UAE's growth journey, NBF foresees even more positive conditions going forward.



NBF's total assets of Dh21.5 billion were up 22.3 per cent from Dh17.5 billion at 2012 year end, loans and advances reached Dh14.3 billion, up 17.5 per cent from Dh12.2 billion at the end of 2012. Customer deposits touched Dh15 billion, up 24.6 per cent from Dh12 billion in 2012

 


Khaleej Times




  MENA News Headlines
 Jan 27 2015 - Saudi- Dawn of a new era under King SalmanArab News
(MENAFN - Arab News) A new era dawned in Saudi Arabia on Monday under the leadership of Custodian of the Two Holy Mosques King Salman as citizens across the country expressed their confidence in the ...

 Jan 27 2015 - Saudi- Salman Obama set for strategic talksArab News
(MENAFN - Arab News) Custodian of the Two Holy Mosques King Salman will hold talks in Riyadh on Tuesday with US President Barack Obama on major regional and international issues a Royal Court ...

 Jan 27 2015 - SAGIA: Smooth transition highlights KSA's stabilityArab News
(MENAFN - Arab News) Saudi Arabia is committed to creating a world-class environment for investors said Abdullatif A. Al-Othman governor of the Saudi Arabian General Investment Authority.'The smooth ...

 Jan 27 2015 - Israeli Navy Sinks Palestinian Fishing Boat in Gaza, Kidnaps 4 FishermenQatar News Agency
(MENAFN - QNA) A Palestinian fishing boat drowned after Israeli navy ships fired rounds of live ammunition at it in Palestinian waters, west of Gaza city. The soldiers also kidnapped four ...

 Jan 27 2015 - Iraqs Shiite militias killed 70 civilians after IS rollback: Sunni leadersArab News
(MENAFN - Arab News) BAGHDAD: Sunni politicians and tribal chiefs from Iraq's eastern Diyala province accused Shiite militias on Monday of killing more than 70 unarmed civilians who had fled clashes ...

 Jan 27 2015 - Saudi- Infrastructure investment to continueArab News
(MENAFN - Arab News) Heavy spending on infrastructure education training and job creation initiatives would continue under Custodian of the Two Holy Mosques King Salman an expert said here.Mazen ...

 Jan 27 2015 - Saudi- Courts have SR6bn backlog of finance casesArab News
(MENAFN - Arab News) The Ministry of Justice has called on judges to deal with lawsuits involving commercial papers and other financial instruments even if these documents do not have the prescribed ...

 Jan 27 2015 - Saudi- SCTA suspends ongoing tourism festivalsArab News
(MENAFN - Arab News) The Saudi Commission for Tourism and Antiquities (SCTA) has decided to suspend the ongoing and planned tourism festivals in the Kingdom to mark the death of King Abdullah who ...

 Jan 27 2015 - Stray bullet hits boy 5 in RiyadhArab News
(MENAFN - Arab News) A five-year-old boy is in intensive care at a hospital in Riyadh after being struck by a stray bullet which is now lodged in his skull.Sultan bin Berm bin Abdul Aziz is being ...

 Jan 27 2015 - Saudi- Crown Prince Muqrin 'saved my daughter'Arab News
(MENAFN - Arab News) A 60-year-old Madinah woman says Crown Prince Muqrin saved the life of her daughter when he was governor of the city.Umm Mohammed a resident of Al-Ais province in Madinah said ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help