According to Amac News: NBF also reported a record net profit after tax of AED 850.1 million for the year, including a corporate tax charge of AED 84.7 million.
“Favourable market conditions, support from UAE government initiatives, improvement in impairment provisions and careful cost management, in an uncertain global environment affected by geopolitical tensions, all contributed to these strong results,” the bank said in a statement.
The bank recorded net impairment provisions of AED 690 million for the year ended December 31, 2024, a significant decrease of 19.7% compared to AED 859 million in 2023.
Asset quality also improved with a combination of IFRS 9 Stages 2 and 3 to 10.2% compared to 12.2% as of December 31, 2023. The non-performing loan (NPL) ratio also increased to 5.1%, up from 4.9% as of December 31, 2023.
NBF also recorded its highest ever operating profit of AED 1.62 billion, up 2.6% from AED 1.58 billion in 2023.
The bank’s operating profit reached a historic high of AED 2.4 billion, reflecting a greater focus on growing key business segments, proactive asset and liability management, and the bank’s customer-centric approach.
Net interest income and net income from Islamic financing activities also increased by 4.8% to AED 1.79 billion.
Foreign exchange and derivatives income also increased significantly by 15% year-on-year to AED 189.1 million.
Based on the 2024 performance, the Board of Directors has proposed a cash dividend of 15%.