The National Bank of Fujairah (NBF) and Emirates Islamic have reported significant growth for the nine-month period ending September 2023. Both banks attribute their robust performance to higher net interest income, investment activities, and fee income.
NBF reported a year-on-year growth of 122.5%, closing the period with a net profit of AED 513.2 million (AED 1 = $0.27), up from AED 230.7 million in the same period in 2022. The bank's Q3 2023 performance significantly contributed to this increase, with a net profit of AED 181.0 million, marking a rise of 125.8% over Q3 2022.
NBF's operating profit for the nine-month period was AED 1.2 billion, marking an increase of 26.6% compared to AED 932.5 million in the corresponding period of the previous year. Operating income reached AED 1.7 billion for the same period, reflecting an increase of 27.7% compared to AED 1.3 billion in the corresponding period of 2022.
Total assets rose by 4.9% to reach AED 50.0 billion compared to AED 47.6 billion at year-end 2022. Customer deposits and Islamic customer deposits increased by 4.1% to reach AED 37.2 billion compared to AED 35.7 billion at year-end 2022.
Meanwhile, Emirates Islamic reported a profit surge of 56% to AED 1.65 billion in the first nine months of 2023 due to higher funded and non-funded income. Q3 income grew by 46% to AED 1.2 billion, leading to a profit increase of 23% to AED 435 million.
Emirates Islamic's total assets increased to AED 86 billion, customer financing increased by 7% to AED 52 billion, and customer deposits grew by 7% to AED 61 billion. The bank maintained a healthy deposit mix with Current and Saving Accounts (CASA) balances at 75% of deposits.
Both banks have emphasized their commitment to sustainability and innovation. NBF's Deputy Chairperson, Dr. Raja Easa Al Gurg, stated that their results demonstrate the ongoing impact and resilience of their business strategy in the face of global economic challenges, with a heightened focus on environmental, social and governance [ESG] activities for a sustainable future.
On the other hand, Emirates Islamic's CEO Farid Al Mulla highlighted the bank's growth in total assets and customer financing, the launch of EI 2.0 Mobile Banking App with a Digital Wealth feature, high digital adoption among SMEs, and growth across all operating segments.
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