|06 May, 2019

Net profits for Q1 2019: NBQ

According to the bank, fee and commission income recorded an increase of 31%

UMM AL QAIWAIN- The National Bank of Umm Al Qaiwain, NBQ, has announced AED135.18 million in net profits for the first quarter in 2019. This represents an increase of three percent compared to the same period last year, which registered AED131.03 million.

In a statement, NBQ attributed the net profit increase to improved operating performance driven by an increased interest income, coupled with effective recovery strategies. According to the bank, fee and commission income recorded an increase of 31 percent compared to a similar period last year.

The cost-to-income ratio stood at 19 percent during the three months, reflecting the bank's operational efficiency and cost management. It recorded total assets at AED14.412 billion, with a deposits-to-advances ratio maintaining a 107 percent rate. The bank's capital adequacy ratio hit 35.23 percent at 31st March 2019, and "continues to be well over the minimum threshold stipulated by the UAE Central Bank in accordance with Basel III guidelines."

It's Tier I ration was maintained at 34.09 percent. Share capital registered was AED1.848 billion with a total shareholders' equity totalling AED4.434 billion. NBQ said that it had maintained high liquidity with a stable resources-to-advances ratio of 143 percent at the end of the first quarter.

© Copyright Emirates News Agency (WAM) 2019.

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