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
4.78
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
Who audits the auditors?

Who audits the auditors?

DIFC Courts is hearing a case against the Middle East branch...

Saudis tighten their belts for Eid in age of austerity

Saudis tighten their belts for Eid in age of austerity

Gov't cuts, which began late in 2015, are now rippling through...

Fly economy class, share an office: Qatar's new reality

Fly economy class, share an office: Qatar's new reality

Gov't employees are being asked to make savings as low energy...

Most Discussed
sponsoredTracking