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

Total assets increased 17.6 percent, while loans and advances rose 16.1 percent

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.

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