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Dated:
July 22, 2019
National Bank of Fujairah (NBF) reported net income of AED 357.1 million for the six months ended June 30, up 15.1% from the same period in 2018, reflecting its flexible business strategy.
FBN also recorded the best half-yearly operating profit of AED 567 million, an increase of 9.1% compared to AED 195.9 million for the same period in 2018. This performance was achieved by putting the focus on business growth with consistent quality.
Operating income for the six-month period was AED 841.5 million, up 9.5% compared to the same period in 2018. This was achieved thanks to the growth in the main volumes of sales. activity, proactive badet and liability management and effective pricing strategies. Net interest income and net income from Islamic financing and investments increased by 7.3%. Assets amounted to AED 42.5 billion, up 6.9% from AED 39.8 billion at the end of 2018, an increase of 11.7% compared to June 30, 2018.
The growth
"It is encouraging to see that NBF is able to maintain its growth by clearly focusing on its core business, effectively implementing its business and operational strategy, improving return on capital and providing customer service. exceptional, "said Essa Saleh Al Gurg, vice chairman of the board.
"We are delighted to see our growing recognition in the market as the bank was ranked second in the 2019 Executive CEO Award by Media Quest in the top 10 GCC banking companies and the leading position in the banking sector in the United Arab Emirates. The Bank was also honored with the International Employee Engagement Award at the 2019 Business Excellence Awards.
The Bank will continue to adhere to the highest standards of compliance, internal control and risk management, in line with new organizational changes, digital initiatives, information security requirements and the Internet. As a commercial franchise with an operational and potential workforce, we are optimistic that the Group will continue to deliver outstanding performance throughout the year, bringing added value to the economy of the United Arab Emirates.
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