National Bank of Fujairah

The text refers to the condensed consolidated interim financial information of the National Bank of Fujairah PJSC for the nine-month period ending on September 30, 2024.

The National Bank of Fujairah (NBF) reported a 39.3% increase in net profit before tax, reaching AED 715 million for the first nine months of 2024, with a net profit after tax of AED 650.4 million. This growth was supported by a 13.2% increase in the balance sheet. In the third quarter of 2024, NBF achieved a net profit before tax of AED 230.1 million, marking a 27.1% rise from the same period in 2023. The bank's performance benefited from favorable market conditions, UAE government initiatives, improved impairment provisions, and cost management amidst global uncertainties. NBF maintained a cautious approach to recognizing problem accounts and reduced net impairment provisions by 16.8% compared to the previous year. The non-performing loan (NPL) ratio was 5.3%, and the provision coverage ratio was 114.6%. The asset quality improved, with the IFRS 9 stage 2 and 3 mix decreasing to 11.4%.

The National Bank of Fujairah (NBF) reported a 39.3% increase in net profit before tax, reaching AED 715 million in the first nine months of 2024, with a net profit after tax of AED 650.4 million. This growth was supported by a 13.2% increase in the balance sheet. The bank's strong performance in the third quarter of 2024, with a 27.1% rise in net profit before tax compared to the same period in 2023, reflects its momentum in selective business growth and the ability to maintain margins despite a declining interest rate environment. Positive market conditions, UAE government initiatives, improved impairment provisions, and cost management contributed to this robust position. NBF's operating profit for the nine-month period was AED 1.3 billion, a 7.6% increase from the same period in 2023, while operating income rose by 8.4% to AED 1.8 billion. Net interest income and income from Islamic financing and investment activities grew by 5.6% to AED 1.33 billion.

Resolution No. 489 of 2024 announces the temporary suspension of trading for the shares of the National Bank of Fujairah on the Abu Dhabi Securities Exchange (ADX). This suspension will occur from 11:00 on October 29, 2024, coinciding with the National Bank of Fujairah's Board of Directors meeting, and will last until ADX receives the results of this meeting. The resolution mandates that all relevant departments at ADX execute this decision and that it be communicated to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and accredited brokers. The resolution was approved by the authorized person and issued on October 24, 2024.