National Bank of Fujairah (NBF) recorded a net profit of AED50.6m ($13.8m) for the first quarter of 2011, compared to AED38.1m in the same period in 2010. This is an increase of 32.8 per cent.

Operating income increased by 10.5 per cent this quarter to AED148.5m from AED 134.4m in the same period of 2010.

The loan book grew by 3.2 per cent due to subdued credit demand. The bank’s total assets were up 9.1 per cent from AED12.9bn to AED14.1bn.

“The bank is using its strong liquidity and capital adequacy positions to capitalise on new business opportunities in the UAE,” says Easa Saleh al-Gurg, NBF’s deputy chairman.