National Bank of Fujairah announced yesterday its financial results for the first quarter of this year, achieving a net profit of 75.4 million dirhams, an increase of 85.9% compared to the fourth quarter of last year, and a 55% decrease compared to 167.6 million dirhams in the same period of 2019 , Despite the continued decline in business activity in the market, which was exacerbated by the spread of the emerging Corona virus.
The bank said, in a statement, that it achieved an operating profit of 293.3 million dirhams for the three-month period ended March 31, 2020, a growth of 2.9% compared to an amount of 285.1 million dirhams in the same period last year, and a growth of 3.7% for the fourth quarter of 2019.
Operating income reached 417.5 million dirhams, as it witnessed a marginal growth of 0.5% during the first quarter of this year, compared to the same period in 2019, while net interest income and net income from Islamic financing and investment activities, and net fees, commissions and other income, remained at 276.3 million Dirhams and 89.3 million dirhams, respectively, compared to 280.4 million dirhams and 90.5 million dirhams in the same period in 2019.
Loans, advances and Islamic financing receivables amounted to 27.2 billion dirhams, as they were 27.1 billion dirhams at the end of 2019, an increase of 3.7% from March 31, 2019.