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Dubai: National Bank of Fujairah (NBF) reported a net loss of Dh475.3 million for the year 2020 compared with a profit of Dh552 million in 2019.
Operating income stood at Dh1.4 billion down 18.9 per cent compared to Dh1.7 billion in 2019 reflecting the exceptionally challenging operating conditions and economic climate.
“Margin compressions, recessionary trends across global economies and depressed economic activity with the persistence of COVID-19 caused the drop in income,” the bank said in a statement.
“Our underlying core business remains robust, our liquidity is in good shape, helped by our short term trade finance business, and our capital adequacy is at a recent high; enabling us to face these exceptional times with confidence and providing us a good platform for our recovery,” said Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman of NBF.