UAE's National Bank of Fujairah 2012 profit up 8.9%

The UAE's National Bank of Fujairah (NBF) said 2012 full year net profits increased 8.9 percent to AED305.8m (US$83.3m) compared to AED280.9m a year earlier, the lender said.

Total assets increased 17.6 percent to AED17.5bn while loans and advances rose 16.1 percent to AED12.2bn. Cash dividends of 10 percent of paid-up capital have been recommended, NBF said in a statement Sunday.

“In view of the solid performance, I, on behalf of the Board of Directors, am pleased to recommend a distribution of profits, in the form of cash dividends, of 10 per cent of paid-up capital,” said NBF chairman Sheikh Saleh Bin Mohammed Al Sharqi.

Operating income for the 12-months ending 31 December increased 16.7 percent while deposits rose 20.3 percent to AED12.4bn.