National Bank of Fujairah (NBF) announced a net profit after tax of Dh850.1 million for the year ending December 31, 2024. The bank’s operating profit reached an all-time high of Dh1.62 billion, driven by robust revenue growth across key business segments. Net profit before tax rose 28.9% year-on-year to Dh934.8 million.
Operating income increased by 6.7% to Dh2.4 billion, reflecting the bank’s focus on business segment growth and proactive asset and liability management. Net interest income and net income from Islamic financing and investment activities grew 4.8% to Dh1.79 billion, up from Dh1.70 billion in 2023.
Operating expenses rose by 15.9%, attributed to investments in business operations, systems, infrastructure, and personnel. These investments include digitalisation initiatives aimed at enhancing customer service and competitiveness. The cost-to-income ratio stood at 33.3%, compared to 30.6% in 2023.
