NBF posts Dh42m net profit in Q1
NBF attributes its best operating and net performance to robust liquidity and capital position.
— Wam
The bank’s customer deposits and Islamic customer deposits stood at Dh 28.3 billion.
The National Bank of Fujairah (NBF) bounced back to profitability with a first quarter net profit of Dh42 million and operating profit growth of 32.5 per cent quarter-on-quarter. The bank announced its results on Wednesday and attributed its best operating and net performance to robust liquidity and capital position.
Dr Raja Al Gurg, deputy chairperson said: “The Q1 2021 results underscore NBF’s operational and financial resilience in one of the most challenging economic environments we have ever seen with the Covid-19 pandemic continuing to have a profound impact globally. These results mark a welcome return to profitable operations in line with the bank’s strategy to recognise considerable impact upfront from few exceptional exposures and Covid-19 pandemic in 2020 and achieve accelerated recovery in 2021.”