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Dubai: National Bank of Fujairah PSC (NBF) has announced that it has recorded a net profit of Dh67 million for the nine-month period ending September 30, 2008 compared to the corresponding period profit of Dh228.9 million in 2007.
The third-quarter results were impacted by international market conditions, which resulted in a net loss of Dh86.5 million as opposed to the corresponding quarter of 2007, which produced a profit of Dh76 million.
Investment fair value decline in the quarter was Dh133 million, of which Dh109.5 million was recognized through the profit and loss compared to investment income of Dh55.4 million for the corresponding quarter of 2007.
An additional impairment loss of Dh69.7 million has been recognised in respect of credit exposures impairment caused by the current market conditions.
For the nine-month period, core-operating income, excluding investment fair values, showed a growth of 44.4 per cent compared to the corresponding period of 2007. Core businesses maintained strong growth on the back of volumes despite pressure on margins.
Net interest income rose by 39.36 per cent and fee income grew by 40.72 per cent. NBF's foreign exchange income doubled to Dh30.75 million compared to the corresponding period of 2007.
Total assets of Dh13.76 billion grew by 34.34 per cent over 30 September 2007. Total shareholders' equity as of September 30, 2008 stood at Dh1.68 billion and the bank's capital adequacy ratio at period end stood at 15.5 per cent against the Central Bank minimum of 10 per cent.
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