275 million dirhams in profits "Fujairah National" During the first quarter
Abu Dhabi, April 29 / WAM / The National Bank of Fujairah announced its results for the three-month period ending this year, recording a growth of 80.8% on an annual basis with a net profit before tax of 274.8 million dirhams, compared to about 152 million dirhams in the same period in 2023. With interest rates continuing to rise, impairment provisions continuing to improve, and buoyant domestic market conditions, despite uncertain geopolitical conditions and the global environment.
The bank said, in a press statement today, “It achieved a net profit after deduction of tax amounting to 251.1 million dirhams, while corporate tax fees amounted to 23.7 million dirhams,” indicating that these results indicate the bank’s continued focus on the growth of selective, high-quality businesses and management. Effective margins and liquidity.
The bank achieved operating profits amounting to 438.5 million dirhams for the three-month period, an increase of 10.2%, compared to 397.9 million dirhams in the same period in 2023, an increase of 8.7% on a quarterly basis, and operating revenues amounted to 614 million dirhams, an increase of 10.8% compared to In the amount of 554.1 million dirhams in the same period of 2023, an increase of 2.8% compared to the fourth quarter of 2023, which reflects the strong performance of the main businesses.
Customer deposits and Islamic deposits for customers increased by 2.5% to reach 39.5 billion dirhams compared to 38.6 billion dirhams at the end of 2023, and increased by 13.4% from March 31, 2023. Current account and savings account deposits stabilized at 42.2% of total customer deposits, which balanced the impact Higher interest rates on fixed term deposit products.
Dr. said: Raja Issa Al Gurg, Vice Chairman of the Board of Directors: “The first quarter of 2024 witnessed a successful start for the bank, as it achieved a record and distinguished set of results. This is especially encouraging given the challenging global conditions, ongoing inflation pressures, climate change considerations and ongoing conflicts around the world. This strong financial performance reflects recent years of hard work, the strength of our balance sheet in a high interest rate environment, in addition to the exceptional improvement in asset quality indicators, strong capital adequacy, abundant liquidity, and success in investing in advanced technology.”
Al Gurg added: “The bank has a good base for growth thanks to the opportunities available inside and outside the UAE. This is due to the positive economic outlook of our country, the continuous efforts made to diversify into non-oil sectors, and the strategic global partnerships that have been undertaken to enhance the position of the UAE.” The United States is considered a global business center. This was evident in the UAE achieving a growth in GDP of 3.4% in 2023, and it is expected to grow by 5.3% in 2024.”
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