National Bank of Fujairah recorded a net profit of 75.4 million dirhams in the first quarter of 2020, an increase of 85.9% compared to the fourth quarter of 2019 and a decrease of 55% compared to a profit of 167.6 million in the quarter The first of last year. According to Al Bayan newspaper, the bank recorded growth in operating profit of 3.7% on a quarterly basis and 2.9% on an annual basis of 293.3 million dirhams, which enabled it to insure Wise use of provisions for impairment in the face of the unprecedented operating environment due to the pandemic of the Coronavirus. According to the results, operating revenues amounted to 417.5 million dirhams, a growth of 0.5%, and net interest income, net income from financing activities and Islamic investments, and net fees, commissions and other income stood at 276.3 million And 89.3 million, respectively. Revenue from foreign exchange and derivative financial instruments reached 37 million, revenue from investment and Islamic instruments reached 14.9 million, and operating expenses decreased 4.7% to 124.2 million, while the ratio improved Cost to revenue reached 29.8%.
