Abu Dhabi – Mubasher: National Bank of Fujairah (NBF) has achieved net profits of AED 115.2 million in 2021, against net losses of AED 475.3 million in 2020, according to the bank's preliminary financials for the year ended 31 December 2021.
The bank has turned to profitability after witnessing an improvement in underlying business momentum and impairment losses.
The bank recorded AED 941.1 million net interest income and net income from Islamic financing in 2021, down from AED 948.9 million in 2020.
The earnings per share (EPS) settled at AED 0.020 last year, versus losses per share of AED 0.276 in 2020.
The bank's Chairman, Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, commented: "Though the global outlook remains subject to downside risks and headwinds amid additional COVID-19 waves, the world is moving towards a recovery with the UAE proactively and dynamically geared towards the next fifty years of exceptional growth, digital innovation, and a smart future."
Meanwhile, the Deputy Chairperson, Raja Al Gurg, said: "Supported by its strong capital base and the resolute backing of its principal shareholders, we are confident that NBF will continue on its growth trajectory through the cautious management of risks and the improving market opportunities expected in 2022 and beyond."
It is noteworthy to mention that during the first nine months (9M) of 2021, the net profits of NBF increased by 36.4% to AED 90.44 million, compared to AED 66.315 million in the same period of 2020.
