Media ININ Economy We Trust
Media in Umm Al Quwain May 6, 2018 / WAM /
National Bank of Umm Al-Qaiwain (NBQ) reported a 6% increase in net profit for the first quarter of this year to AED 131.03 million compared to AED 123.39 million in the same period last year due to improved operating performance which increased interest income and repayment strategies Effective measures taken by the Bank.
Interest income and income from Islamic finance products grew by 10% compared to the same period last year.
The cost to income ratio was 18% during the first three months of this year, reflecting the bank’s operational efficiency and discipline in cost management. The ratio of non-performing loans at the end of March dropped to 6.4%.
The Bank’s total assets during the first three months of this year reached AED 14.43 billion and the deposit and loan deposits stood at 108%.
On the capital adequacy ratio of 33.29%, it has witnessed stability indicating that it is well above the upper limit set by the Central Bank of the UAE in accordance with Basel II guidelines. Which provides opportunities to benefit and expand the expansion of lending .. as well as the Bank’s stability in maintaining a high proportion of the adequacy of Tier I capital “Tier 1” by 31.96%.
The bank’s total equity reached AED 1.85 billion and shareholders’ equity reached AED 4.11 billion.
National Bank of Umm Al-Qaiwain has maintained a high level of liquidity and stability in the ratio of loans and advances to fixed assets amounted to 139% at the end of last March against the minimum set by the Central Bank of the UAE and estimated at 100%
