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25 10 2018
The National Bank of Fujairah grew by 15.1 percent to AED 462.1 million in the first nine months of the year, reflecting strong growth in the quality of its operations.
In a statement released yesterday, the bank announced an operating profit of 284.5 million AED in the third quarter of this year, an increase of 24.4% quarter-on-quarter and a 20.5% increase for the nine-month period. AED 804.4 million compared to 2017. Results, High flexibility in the Bank's core business and improved balance sheet management in an environment of high interest rates.
Operating profit for the nine-month period was AED 1.2 billion, up 16.6% from the same period in 2017. This growth was driven by strong growth in core businesses, effective liquidity management, improved margins and strengthened capital returns.
Net interest income and net income from Islamic financing and investment activities for the nine-month period increased by 20.7% to AED 812.6 million from 2017. Derivative financial instruments and derivatives recorded an exceptional growth of 45.3%, reaching 103.1 million AED for the nine-month period. Compared to AED 71 million in 2017.
Operating expenses increased 8.9%, reflecting the Bank's prudent cost management and cautious investments in business, systems and infrastructure, including a series of digital initiatives to improve our future offerings. and our customer service. The cost of income ratio improved to stand at 31.9%, compared to 34.2% at the same period last year, which leaves the possibility of Invest more for growth and technological potential.
The ratio of total provisions for hedging (including the credit risk reserve) to 97.9% improved to 89.5% at the end of December.
Provisions
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The net provisions for impairment for the first nine months amounted to AED 342.3 million, compared to AED 266 million in 2006. The Bank significantly improved its operating results to increase the overall level of overall impairment loss coverage.
© Declaration 2018
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