Abu Dhabi – Mubasher: The net profits of the National Bank of Fujairah (NBF) slid by 81.8% to AED 65.092 million in the first half (H1) of 2020, against net profits of AED 357.077 million in the same half of 2019.
The bank's net interest income and net income from Islamic financing and investment activities declined to AED 511.863 million in H1-20 from AED 563.280 million in H1-19, according to the bank's consolidated interim financial results for the period ended on 30 June 2020.
Due to the coronavirus (COVID-19) outbreak, the bank has taken net impairment provisions of AED 456.3 million during the first six months of 2020, compared to AED 209.9 million in 2019.
The lender's total assets rose by 3.9% to AED 44.5 billion as of 30 June from AED 42.8 billion in 2019.
The basic and diluted earnings per share (EPS) stood at AED 0.01 in the January-June period of the current year, against AED 0.18 in the corresponding period of 2019.
Commenting on the bank's performance, the deputy chairman, Raja Al Gurg, noted: "H1 2020 witnessed unprecedented disruption adding to the challenges already being faced by the global economy with lock-down, supply-chain disruptions, stocks and commodity price volatility, interest rate cuts, and consequent credit stress."
It is noteworthy to mention that during the three months of 2020, the bank's net profits plunged by 55% in net profits to AED 75.431 million, compared to AED 167.625 million in the same period of 2019.
