Media ININ Economy We Trust
06-05-2019 Media In / Umm Al Quwain
National Bank of Umm Al-Qaiwain (NBK) net profit reached AED 135.18 million, an increase of 3% compared to AED 131.03 million in the same period last year.
The Bank’s report on the results for the first quarter ended March this year attributed the increase in interest income to improved operational performance and effective collection strategies adopted by the Bank.
Income from fees and commissions increased by 31 per cent over the same period last year.
The report pointed out that the cost to income ratio was 19% during the last three months, reflecting the Bank’s operational efficiency and effective cost management systems. Net provisions were 54% lower than the same period in 2018.
The report showed that the total assets amounted to AED 14.413 billion and that the rate of deposits to loans and advances stood at 107%. The capital adequacy ratio of 35.23% was well above the minimum stipulated by the Central Bank of UAE “Basel”, which provides an opportunity to benefit from and further expansion of lending.
The report affirmed that the Tier 1 capital ratio has remained stable at 34.09 per cent, capital reached AED 1.848 billion and shareholders’ equity at AED 4 billion. The Bank has consistently maintained a high level of liquidity and stability in the ratio of loans and advances to fixed resources 143% against the Central Bank of Egypt (CBE), which is 100%, and fixed financing under the Basel III standards is 115.91%, which enables the bank to increase the scope of the loan portfolio.
