NBF to raise AED 1.3 billion in bond sale

2019-03-11 11:38:41 GMT (Economies.com)
 

The National Bank of Fujairah (NBF) is looking to raise $350 million (AED 1.3 billion) from the capital markets this year, amid growth and digitisation of its operations.

 

The bank wants to tap the debt capital markets for the tier-1 issue, which will boost its capital, said Vince Cook, chief executive of NBF. The lender, which has already converted an earlier tier-1 capital bond into equity and paid a tier-2 tranche in November, is awaiting the right time to place the issue in the market.

 

“It seems to be good time but the question on everybody’s mind is what is going to happen to interest rates,” he said.

 

NBF posted its best ever operating and net profit for full-year 2018. Operating profit climbed to AED1.1 billion, up 15.2% year-on-year while its net income rose 30.4% to AED615.3 million. Loans and advances and Islamic financing receivables rose 8.9% to AED26.2bn, while customer deposits increased by 9.4% AED 30.5 billion.

Mr Cook is optimistic the lender will be able to achieve the same growth in loans and deposits in 2019, despite a slow start to this year.

 
 
 
  Symbol Last Change Chg.%
1.1606
0.0036
0.3139%
1.3751
0.0123
0.9053%
Tadawul
11773.36
25.09
0.21%
23.335
0.700
3.090%
82.022
0.902
1.112%
84.86
0.86
1.02%
1767.855
13.150
0.749%
 
 
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