National Bank of Fujairah posts $13.7m loss

UAE-based bank records full-year loss for 2008 on investment losses.

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:
Join the Discussion

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

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
A natural move: How Dubai Chamber is strengthening its ties in Latin America

A natural move: How Dubai Chamber is strengthening its ties in Latin America

With vast resources and more than half-a-billion people, the...

If Saudi future's so bright, why can't these banks find buyers?

If Saudi future's so bright, why can't these banks find buyers?

No big-name global banks eager to buy stakes in Saudi banks,...

GCC economies must live up to their potential to thrive: PwC chairman

GCC economies must live up to their potential to thrive: PwC chairman

No matter how much revenue VAT generates, it does not negate...

Most Discussed
sponsoredTracking