National Bank of Fujairah reports record annual profit of Dh393.1m for 2013

National Bank of Fujairah reports highest ever annual earnings in 2013 as bad loans decline.

National Bank of Fujairah, the lender partly owned by the governments of Dubai and Fujairah, yesterday reported its highest ever annual net profit.
Net profit rose 29 per cent to Dh393.1 million in 2013 from Dh305.8m the previous year, the Fujairah-based bank said in an e-mailed statement.
The bank's loan loss provision dropped to Dh167.6m from Dh173.7m in the same period, an improvement of 3.5 per cent, while the non-performing loan ratio decreased to 4.6 per cent from 7.6 per cent.
"The bank's focus on its 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," said Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, the bank's chairman. "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."
The bank also said that its board of directors recommended a 25 per cent increase in the dividend payout to 12.5 per cent of the bank's paid up capital from 10 per cent in 2012.
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