National Bank of Fujairah has announced its results for the year ended December 31, 2021, completing a total profit of AED 115.2 million (USD 31.36 million) for the year associated with a loss of AED 475.3 million (USD 129.40 million) in 2020.
National Bank of Fujairah whopping profits steered by its business drive
The bank delivered the growth of 124.2% by enhancing the underlying business drive and highlighting improvement regarding damage losses. The total yield was higher by 104.6% for the 3-month term, which ended on December 31 2021, compared to the corresponding period of 2020.
Chairman of the National Bank of Fujairah, Sheikh Saleh Bin Mohamed bin Hamad Al Sharqi, stated that 2021 came back towards profitable operations underpinned by solid core business advancement and deliveries throughout the bank’s business. In addition, operational performance growth and trade and business activities extension has produced robust processes.
Sheikh Saleh Bin Mohamed bin Hamad Al Sharqi further elucidated that the world was advancing towards steadfast recovery amid the COVID19 waves and their associated downside risks. Accordingly, the UAE is proactively and vigorously gearing up for the coming five decades of remarkable growth, digital innovation, and an intelligent future.
Sheikh Saleh Bin Mohamed bin Hamad Al Sharqi added that the UAE government’s apt and supportive measures, an effective vaccination drive, and macroeconomic policies have aided to shield the economy and enhance recuperation efforts. Parallelly, the National Bank of Fujairah’s robust financial performance highlights its ability to recognize and profit from prospects in the face of challenging times. Accordingly, the bank pursues a solid growth strategy whilst guaranteeing financial solidity.
Braced by higher fee and investment income and active cost management, the National Bank of Fujairah posted an operating yield of AED 955.6 million (USD 260.17 million), up 4.1% over 2020 despite the testing operation conditions wedged by the pandemic internationally. The progressive trend resonates with the National Bank of Fujairah’s prime concentration on fiscal solidity and profiting from digitally permitted services.
Forex and derivatives revenue peaked from AED 114.2 million (USD 31.09 million) to AED 125 million (USD 34.03 million) in 2020. Income from investments and shariah-compliant tools marked a crucial enhancement to AED 42.3 million (USD 11.52 million) compared to AED 20 million (USD 5.45 million) in 2020. Inherent gain on FVOCI (on fair value through other comprehensive income) investments stood at AED 44 million (USD 11.98 million).
Deputy chairperson of the National Bank of Fujairah, Dr Raja Al Gurg, stated that the National Bank of Fujairah was ecstatic with this set of promising results. The bank accomplished further advancement against its strategic priorities, with a record performance in its retail business and another excellent performance by business banking. Gurg stated that they strived to constantly work towards a digitally enabled and consumer-centric franchise to augment market share and leverage technologies in primary focus areas to add real value to the consumer experience.
He further elucidated that with the support of its robust capital base and the staunch backing of its chief stakeholders, the National Bank of Fujairah would strive to expand its growth trajectory via careful management of risks and the enhancement of market prospects estimated in 2022 and beyond. Furthermore, essential investment in risk and compliance will extend growth to augment the bank’s control and governance procedures resonating with the emerging threats and the new-fangled regulations and technologies.