National Bank of Fujairah

The National Bank of Fujairah PJSC (NBF) has announced its Q1 2024 results, showing a significant year-on-year growth of 80.8%. The net profit before tax reached AED 274.8 million, compared to AED 152.0 million in Q1 2023. After tax, the net profit was AED 251.1 million. The bank attributes these results to selective quality business growth, effective management of margins and liquidity, high interest rates, improving impairment provisions, and strong local market conditions. NBF also reported a reduction of 33.4% in net impairment provisions, from AED 245.8 million in Q1 2023 to AED 163.7 million in Q1 2024. The bank's provision coverage ratio improved to 128.4%, and the NPL ratio was maintained at 4.9%.

The National Bank of Fujairah PJSC (NBF) has released its Q1 2024 results, showing a significant year-on-year growth. The bank's net profit before tax rose by 80.8%, reaching AED 274.8 million compared to AED 152.0 million in Q1 2023. After tax, the net profit stood at AED 251.1 million. The bank attributes this strong performance to its selective quality business growth strategy, effective margin and liquidity management, high interest rate environment, improved impairment provisions, cost management, and favorable local market conditions. The bank's operating profit for the three-month period was AED 438.5 million, a 10.2% rise from Q1 2023. The operating income reached AED 614.0 million, up 10.8% from the same period in 2023.

Resolution No. 376 of 2024 temporarily suspends trading of the shares of National Bank of Fujairah on the ADX, in accordance with Article No. 16 of the Regulations Concerning the Listing of Securities on ADX. The suspension is due to a Board of Directors Meeting of the National Bank of Fujairah scheduled for 11:00 on 29-Apr-2024, which coincides with the trading session at ADX. Trading will be suspended from 09:00 on 29-Apr-2024 until ADX receives the meeting results. All department heads at ADX are to implement this resolution in their respective fields. The resolution will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorized person and issued on 25/04/2024.

The National Bank of Fujairah PJSC held a General Assembly Meeting on 7 March 2024, from 12 noon to 12:25 pm at the Novotel Hotel in Fujairah, United Arab Emirates. The meeting was also accessible remotely via the Webex platform. The attendees included the Chairman, His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Deputy Chairperson Dr. Raja Easa Saleh Al Gurg, and members Sheikh Hamad Bin Saleh Bin Mohamed Al Sharqi, Mr. Hussain Mirza Al Sayegh, Mr. Saif Sultan Al Salami, Mr. Mohamed Obaid Bin Majed Al Aleeli, Mr. Ahmed Saeed Al Raqbani, and Mr. Khalil Ebraheim Hassan Ahmed. Member Mr. Abdulla Fareed Al Gurg did not attend the meeting.

The General Assembly Meeting of the National Bank of Fujairah PJSC took place on 7 March 2024 from 12 noon to 12:25 pm at the Novotel Hotel, Fujairah, United Arab Emirates. The meeting was also accessible remotely via the Webex platform. The attendees included the Chairman, His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Deputy Chairperson Dr. Raja Easa Saleh Al Gurg, and several board members. Mr. Abdulla Fareed Al Gurg was the only member who did not attend the meeting.