The National Bank of Fujairah (NBF) has announced a remarkable 28.9% increase in its net profit before tax for 2024, reaching AED 934.8 million, compared to AED 725.1 million in 2023. Even after accounting for a corporate tax charge of AED 84.7 million, the net profit after tax stood at AED 850.1 million, marking a significant financial achievement.
Strong Financial Performance
NBF recorded its highest-ever operating profit of AED 1.62 billion, a 2.6% increase from the previous year. The bank’s operating income also reached a record AED 2.4 billion, showing a 6.7% rise.
Key Drivers of Growth
Several factors contributed to NBF’s impressive financial performance in 2024:
- Net interest income & Islamic financing income: Grew by 4.8% to AED 1.79 billion.
- Net fees, commissions & other income: Increased by 8.4%, reaching AED 452.7 million.
- Foreign exchange & derivatives income: Experienced a 15% rise, totaling AED 189.1 million.
Robust Asset Growth
NBF’s total assets surged by 17.7%, reaching AED 60.9 billion. Additionally:
- Loans and advances increased by 16.1% to AED 32.4 billion.
- Customer deposits saw an 18.6% growth, reaching AED 45.8 billion.
- Cost-to-income ratio stood at 33.3%, reflecting the bank’s continuous investments in digital transformation and operational infrastructure.
Dividend Proposal
Recognizing this strong performance, NBF’s board of directors has proposed a 15% cash dividend for its shareholders. This decision highlights the bank’s commitment to delivering value while maintaining steady growth in the financial sector.
Final Thoughts
NBF’s 2024 financial results demonstrate strong business resilience and strategic growth in an evolving economic landscape. As the bank continues to expand its digital capabilities and financial services, its future outlook remains promising.
2 Comments
Earum fugit esse dolore aut. Numquam iure delectus quis aspernatur aspernatur eius. Soluta quaerat est non illum illum. Velit cumque maxime qui omnis omnis qui. Quidem et quis sapiente et. Tenetur ducimus in ut porro dignissimos reprehenderit adipisci sit. Impedit temporibus eveniet minus saepe ut eveniet quod deleniti. Ipsam et est eligendi fuga. Veniam architecto illum porro nihil. Omnis molestias ipsa eligendi harum. Quos pariatur ad cumque adipisci qui ex et culpa. Sit qui excepturi amet excepturi. Aut ut nisi dolorem nostrum quia. Ut sit non nesciunt. Consectetur cupiditate laborum omnis sapiente voluptatem modi. Quis illum et eligendi voluptatum iure ipsa.
Molestiae voluptas odit explicabo quidem ab harum Error delectus quidem ea. Dignissimos nihil sit repudiandae Molestiae et laborum neque. accusantium est est sequi expedita. id rerum et aliquam omnis Ut placeat accusamus earum distinctio et. Dolorem magni optio labore libero commodi enim excepturi. Tempora ad fuga velit nulla non. Aliquid non nemo incidunt doloremque in. id nam et sed et. Aut aut magni