Quotes: US 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

 






  MENA News Headlines
 Aug 28 2014 - Ebola virus diseaseDemocratic Republic of CongoMENAFN Press
(MENAFN Press) GENEVA Switzerland August 27 2014/African Press Organization (APO)/ -- Disease outbreak news Epidemiology and surveillance On 26 August 2014 the Ministry of Health Democratic ...

 Aug 28 2014 - Ebola virus disease updateWest AfricaMENAFN Press
(MENAFN Press) GENEVA Switzerland August 28 2014/African Press Organization (APO)/ -- Epidemiology and surveillance • The total number of probable and confirmed cases in the current outbreak of ...

 Aug 28 2014 - Arrowstorm Entertainment Launches Kickstarter for New Fantasy EpicThe Christmas DragonMENAFN Press
(MENAFN Press) The Christmas DragonArrowstorm Entertainment offers advance DVDs and Blu-rays of upcoming film The Christmas Dragon via Kickstarter promising the world "a new Christmas classic."Salt ...

 Aug 28 2014 - 21st Century Television Discusses Transition to Cloud Computing with Spin SystemsMENAFN Press
(MENAFN Press) August 28 2014 - Boca Raton Florida — Although cloud systems have become increasingly more common and more secure there are still a number of companies who feel hesitant about ...

 Aug 28 2014 - DIGITAL COMEDY SERIES LAUNCHES INDIEGOGO TO RAISE FUNDS FOR SEASON 2MENAFN Press
(MENAFN Press) Devil's Couriers Parodies Sons of Anarchy in a Unique FormatLos Angeles CALIFORNIA AUG 28 2014 – Sons of Anarchy. The very name conjures up visions of Harleys guns biker chics ...

 Aug 28 2014 - 21st Century Television Welcomes Guest to Discuss Information Governance and Data Management airing on August 31 2014MENAFN Press
(MENAFN Press) Bishop Technologies Inc. to appear on 21st Century Television.August 28 2014 - Boca Raton Florida - In the digital age companies are being expected to govern and manage an ever ...

 Aug 28 2014 - Air2G2s State of the Art Technology for Golf Course Management Discussed on 21st Century TelevisionMENAFN Press
(MENAFN Press) Revolutionary Turf Aeration Process for Golf Courses.Boca Raton FL – August 28 2014 — For golf course owners superintendants and groundskeepers keeping a well maintained ...

 Aug 28 2014 - Eight Killed As Vehicle Falls into DrainQatar News Agency
Eight persons were today killed and three others injured when a vehicle skidded off the road and rolled down into a drain in Ramban district of Jammu and Kashmir, India's News (PTI) ...

 Aug 28 2014 - AfricaBeauties.com Proves that a Strong Woman is a Desirable WomanMENAFN Press
(MENAFN Press) Love Knows no Boundaries!Many members of premium international dating site AfricaBeauties.com regard vitality as one of the most desirable qualities in a partner. While international ...

 Aug 28 2014 - KnowBe4 Says Employee PC Wreaks Havoc in JP Morgan HackMENAFN Press
(MENAFN Press) JP Morgan Chase HackedJP Morgan banking giant hit by data breach in a feat far beyond the capability of ordinary criminal hackers.Tampa Bay FL — The Wall Street Journal reported ...

more...


 






Google

Click to Apply

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help