Press releases, Reports & Disclosures for National Bank of Fujairah

National Bank of Fujairah PJSC (NBF) has strengthened its capital structure by issuing Additional Tier 1 (AT1) capital securities worth USD 275 million (AED 1.01 billion). This move, approved by shareholders and regulatory bodies, aims to support NBF's business strategy and refinance existing AT1 capital securities of USD 350 million. The new issuance has been privately placed with the Government of Fujairah and allows for mandatory conversion into ordinary shares within two years. Dr. Raja Easa Al Gurg, Deputy Chairperson, highlighted the importance of maintaining a robust capital position to support future growth and handle unforeseen challenges. NBF, established in 1982, offers comprehensive corporate and personal banking services, including Shari’a-compliant options, leveraging its expertise in Fujairah and the UAE.

The National Bank of Fujairah PJSC (NBF) announced a 46% year-on-year increase in net profit before tax, reaching AED 484.9 million for the six-month period ending 30 June 2024, compared to AED 332.1 million in the same period of 2023. The net profit after tax was AED 441.2 million, with a corporate tax charge of AED 43.8 million. The bank reported a net profit before tax of AED 210.1 million for Q2 2024, a 16.7% increase over Q2 2023. This growth is attributed to strong business opportunities, effective margin and liquidity management, high interest rates, improved impairment provisions, cost management, and favorable market conditions. NBF's operating profit rose by 7.7% to AED 845.8 million, and operating income increased by 8.2% to AED 1.2 billion. Net interest income and income from Islamic financing and investment activities grew by 7.0% to AED 882.5 million for the six-month period.