|23 July, 2018

National Bank of Umm Al Qaiwain Q2 profits jump 22%

In the first half of 2018, NBQ generated $64.5mln in profits

Abu Dhabi:National Bank of Umm Al Qaiwain (NBQ) on Monday reported a 22.5% year-on-year surge in net profit for the second quarter of 2018.

The bank’s net profits amounted to AED 106.8 million in Q2-18, up from AED 87.2 million in the prior-year period, according to a filing to the Abu Dhabi Securities Exchange (ADX).

In the first half of 2018, NBQ generated AED 237.8 million in profits, compared to AED 210.6 million in H1-17.

Interest income and income from Islamic financing products rose by 13% to reach AED 306 million in the six-month period ended June, versus AED 271.6 million in the year-ago period.

On the other hand, operating expenses fell by 22% year-on-year to AED 73.9 million in H1-18 from AED 94.4 million.

NBQ previously posted a 6.2% increase in net profit during Q1-18, registering AED 131.03 million ($35.7 million) in Q1-18, versus AED 123.4 million ($33.6 million).

Source: Mubasher

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