Abu Dhabi – Mubasher: The National Bank of Fujairah (NBF) registered a growth of 97.5% in net profits at AED 150.5 million during the first half (H1) of 2022, compared to AED 76.2 million in the corresponding period in 2021.
The bank logged an operating profit of AED 609.1 million in H1-22, up 21.3% year-on-year (YoY), driven by higher net interest income and net income from Islamic financing and investment activities, fee and exchange income, according to a bourse filing on Thursday.
Net interest income and net income from Islamic financing and investment activities grew by 10.9% YoY in H1-22 to AED 520.1 million, while total assets rose by 6.5% YoY to stand at AED 43.7 billion.
Moreover, customer deposits and Islamic customer deposits stood at AED 31.8 billion in H1-22, an annual rise of 6.7%. Investments and Islamic instruments increased by 5.4% on an annual basis to AED 5.1 billion in the six-month period ended on 30 June 2022.
It is worth mentioning that in the first quarter (Q1) of 2022, NBF’s profits hiked by 43.7% YoY to AED 60.35 million from AED 42 million, in Q1-21.
