Abu Dhabi – Mubasher: The consolidated interim financials showed a 55% plunge in net profits of National Bank of Fujairah (NBF) to AED 75.431 million during the first quarter of 2020, compared to AED 167.625 million in the same period of 2019.
The bank's net operating profits recorded AED 293.3 million for the first three months of 2020, up 2.9% from AED 285.1 million in the year-ago period.
The lender's net interest income and net income from Islamic financing and investment activities reached AED 276.297 million in the January-March period of 2020, down from AED 280.371 million in the corresponding period of 2019.
Meanwhile, the total assets jumped by 8.1% to AED 43.281 billion in the Q1-2020 from AED 40.043 billion in the year-ago period.
The basic and diluted earnings per share (EPS) stood at AED 0.04 in the Q1-2020, against AED 0.08 in the same quarter of 2019.
The deputy chairman, Raja Al Gurg, said: "Q1 2020 saw an unprecedented change to the world economy with recessionary trends building rapidly across the globe, oil prices reaching exceptionally low levels and massive government support programmes being rolled out, as global economies remain on lockdown due to the COVID-19 pandemic."
it is noteworthy to highlight that in 2019, the bank's net profits declined by 10.3% year-on-year (YoY) to AED 552.183 million from AED 615.314 million in 2018.
