(MENAFN- Emirates News Agency (WAM)) The National Bank of Fujairah has recorded a 29.6 percent increase in its net profit of AED149.5 million during the first quarter of 2015 compared to AED115.3 million in the corresponding period of 2014.
In a statement issued today, the bank also noted the increase of operating profit by 24.3 percent to AED188.3 million compared to AED151.5 million in the corresponding period of 2014, and net impairment losses were AED38.8 million compared to AED36.2 million in the corresponding period of 2014.
The bank's total provision coverage improved to 133.1% from 121.7% at 31st March 2014, while operating income experienced a growth of 22.9%, net interest income grew by 19.1% and foreign exchange and derivatives income marked a growth of 42.0% compared to the corresponding period of 2014.
Reflecting on-going investment in the bank's business and service platforms, operating expenses of the banks also increased by 20.5% during the period, and Cost-to-Income ratio improved to 36.2% from 36.9% in the corresponding period of 2014.
Loans and advances of AED17.7 billion were up by 8.5% from AED16.3 billion at 2014 year end, and up by 20.9% from 31st March 2014, customer deposits of AED18.5 billion were up by 2.9% from AED17.9 billion at 2014 year end, and up by 16.1% from 31st March 2014.
Shareholders' equity of the bank went up by 16.4% to AED3.9 billion compared to 2014 year end.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.