(MENAFN - Khaleej Times) National Bank of Fujairah's (NBF) first-half net profit jumped 15.1 per cent to Dh357.1 million from Dh310.2 million in the corresponding period of last year due to higher interest income and operating profits.
The lender recorded Dh567 million operating profit - its best ever first-half result, which is an increase of 9.1 per cent compared to Dh519.9 million in the same period last year. Its operating income grew 9.5 per cent to Dh841.5 million, achieved by growth in core business volumes, proactive asset and liability management and effective pricing strategies.Net interest income and net income from Islamic financing and investment activities grew by 7.3 per cent and net fees and commission income rose by 13.8 per cent.
Foreign exchange and derivatives income experienced a growth of six per cent to reach Dh74.2 million for the first six month of 2019.NBF's loans and advances and Islamic financing receivables rose 6.6 per cent from Dh26.2 billion at 2018-end to Dh27.9 billion. Customer deposits and Islamic customer deposits grew 10 per cent to Dh31 billion.
Assets reached Dh42.5 billion, up by 11.7 per cent. Shareholders' equity rose 5.1 per cent from Dh5.1 billion 2018-end to Dh5.4 billion.It maintained net impairment provisions of Dh209.9 million for the six month period.
Fujairah-based bank's second-quarter profit rose 15 per cent from Dh164.8 million in Q2 2018 to Dh189.4 million due to decline in net impairment losses which fell from Dh107 million to Dh92.4 million.-