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.

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.

The National Bank of Fujairah (NBF) announced that CEO Vince Cook will step down at the end of September 2024 after leading the bank for over 14 years. Adnan Anwar, currently the Deputy CEO, will assume the role of CEO starting October 1, 2024. Vince Cook is credited with driving the bank's digital transformation, expanding its SME, trade finance, and Islamic finance offerings, and implementing a robust ESG strategy. The Board of Directors expressed their gratitude for his contributions. Adnan Anwar, who has been with NBF for 19 years and served as Deputy CEO since November 2020, will focus on expanding digital services, maintaining a customer-centric approach, and achieving sustainable growth. The Board is confident in Anwar's ability to continue driving the bank's strategic goals and delivering exceptional customer service.

National Bank of Fujairah PJSC (NBF) held its General Assembly Meeting at Novotel Hotel in Fujairah, UAE, where shareholders ratified the appointment of Mr. Easa Farid Al Gurg to the Board of Directors and confirmed the appointment and remuneration for Mr. Moosa Tariq Al Khoory as a member of the bank’s Internal Shari’a Supervision Committee for a three-year term. Additionally, shareholders approved the issuance of up to USD 275 million (AED 1.01 billion) in Additional Tier 1 capital securities to support the bank’s capital adequacy ratio. These securities will be privately placed with the Government of Fujairah and converted into ordinary shares within two years, subject to regulatory approvals. Dr. Raja Easa Al Gurg, Deputy Chairperson, emphasized the importance of ongoing investment in governance and capital strength to support future growth.