National Bank of Fujairah posts $13.7m loss

UAE-based National Bank of Fujairah (NBF) has posted a full-year loss of AED50.3 million ($13.7m) for 2008 amid challenging global market conditions.

This represents a sharp drop from the bank’s AED323.8 million ($88m) profit recorded in 2007, with the bank citing provisions and investment losses.

NBF said the value of its investment portfolio decreased by AED250 million ($68m) due to global economic downturn.

“In response to continued uncertainty over macroeconomic conditions in the coming year, the bank has significantly reduced its exposure to market volatility,” NBF’s deputy chairman, HE Easa Saleh Al Gurg, said in a statement.

The bank’s total assets stand at AED12.8 billion ($3.5bn).

Related:

Market Performance

National Bank of Fujairah
4.44
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia, other issuers gear up as Gulf bond crush looms

Saudi Arabia, other issuers gear up as Gulf bond crush looms

Cash-strapped region gears up for one of its heaviest-ever periods...

Saudi central bank fights to curb money rate rise

Saudi central bank fights to curb money rate rise

Commercial bankers say more radical steps may be needed to fight...

Are the troubles easing for Saudi construction giant Binladin?

Are the troubles easing for Saudi construction giant Binladin?

Gulf kingdom's biggest builder appears to have pulled back from...

Most Discussed
sponsoredTracking