National Bank of Fujairah profit surges 64%

The government backed lender also saw a reduction in loan loss provisions
PROFIT UP National Bank of Fujairah saw its net profits surge 64 percent last year (ITP Images)
By Shane McGinley
Thu 27 Jan 2011 11:53 AM

National Bank of Fujairah, which is part owned by the governments of Fujairah and Dubai, saw its net profits surge 64 percent last year, the lender reported on Thursday.

The UAE lender reported that net profit for 2010 rose to AED170.9m ($46.53m), up 64 percent compared to AED104.3m ($28.39m) in 2009.

The government controlled lender also its loan loss provisions decrease to AED205m ($55.8m), compared to AED214.3m ($58.34m) in 2009.

"We are pleased to see the Bank make strong progress in achieving its best operating performance ever during these challenging times. The Bank has grown its core earnings which, coupled with a sharper focus on costs and balance sheet management, has helped absorb credit losses and grow profitable operations," said HE Sir Easa Saleh Al Gurg, deputy chairman of National Bank of Fujairah.

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