National Bank of Fujairah (NBF) said its first-half profit jumped 30.5 per cent amid a booming economy that has increased demand for trade finance.
Net income increased to Dh239.5 million, compared with Dh183.5m in the same period the previous year, the bank said in a statement. Loans and advances rose 7 per cent to Dh15.3 billion while customer deposits increased 10.9 per cent to Dh16.6bn, it said.
“NBF’s solid set of financial results, healthy liquidity, strong capital adequacy and prudent business strategy continue to form the foundation of its future growth,” said Easa Saleh Al Gurg, the deputy chairman of NBF. “We remain focused on supporting the development of the UAE economy and enhancing the bank’s position as the partner of choice for businesses in the country, and look forward to capitalising on new market opportunities and scaling ever greater heights with our customers and shareholders.”
Elsewhere, Sharjah Islamic Bank said that its first half profit gained 50 per cent to Dh202.1m as customer financing increased 15.7 per cent to Dh14.5bn.
NBF and Sharjah Islamic join a number of lenders that have kicked off the earnings season on a bright note. Abu Dhabi Islamic Bank and Union National Bank were among the bigger banks to report on Sunday, and Emirates NBD, National Bank of Abu Dhabi and RAKBank are among banks expected to release their results this week.
Following years of lacklustre returns in the aftermath of the financial crisis in 2008 and Dubai’s subsequent debt woes, UAE lenders staged a comeback last year, posting record profits amid an economic renaissance.
The country’s GDP advanced more than 5 per cent last year as government spending on infrastructure stimulated private enterprise and consumer confidence amid record low interest rates.
mkassem@thenational.ae
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