UAE: National Bank of Fujairah PJSC announced its results for the year ended 31 December 2014, reporting that its 2014 net profit grew 28.6% from AED 393.1 million in 2013 to AED 505.4 million, improving the bank’s return on average assets to 2.2% from 2.0%.
Its operating profit was AED 637.8 million compared to AED 560.7 million in 2013; a growth of 13.8%. Net impairment losses were AED 132.4 million compared to AED 167.6 million in 2013; an improvement of 21.0%. The NPL ratio improved to 4.4% from 4.7% in 2013. Total provision coverage improved to 121.4% from 118.4% in 2013.
Loans and advances of AED 16.3 billion were up 17.8% from AED 13.9 billion in 2013. Customer deposits of AED 17.9 billion were up 19.6% from AED 15.0 billion in 2013. Strong capital adequacy and lending to stable resources ratios were maintained at 17.6% (Tier 1 ratio: 14.6%) and 87.0% respectively, well ahead of Central Bank’s requirements.
Chairman H.H. Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi said, “It brings me great pleasure to share the bank’s excellent progress in 2014. The past year has seen us successfully adapting our business and operating platforms to better serve clients, deliver long term growth for the bank and enhance shareholder returns. Through this remarkable performance, the bank has not only outperformed the industry for a fifth consecutive year, but further established itself as one of the leading banks for business in the UAE and a source of pride for Fujairah.”
