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National Bank of Umm Al Qaiwain (NBQ) on Wednesday reported a net profit of Dh123.39 million, up 20 per cent for the first quarter of 2017 compared to Dh102.4 million in the same quarter last year.
Net interest income grew by 20 per cent compared to the first quarter of last year and 15 per cent from the last quarter of 2016. The bank’s operating income grew by 24 per cent year on year in the first quarter of this year with a 20 per cent increase compared to the fourth quarter of last year.
Growth in operating income during the quarter was largely driven by increase in interest income and recoveries.
Fee and commission income recorded an increase of 18 per cent in the first quarter of 2017 compared to the same period last year. At the close of the quarter, cost to income ratio stood at 22 per cent reflecting strong cost efficiencies.
Total assets were at Dh13.76 billion at the close of the first quarter, marginally up from Dh13.55 billion at year end 2016. Loans and advances increased to Dh8.91 billion in the first three months of the year from Dh8.8 billion at the year-end 2016.
Customer deposits increased by 5 per cent from year-end 2016 to Dh9.42 billion at the end of the first quarter 2017. The bank’s advances to deposits ratio stood at 95.5 per cent at the end of the first quarter.
Non-performing loans (NPL) ratio [NPLs to total loans] declined in the first quarter of this year to 4.7 per cent compared to 6.9 per cent at year-end 2016.
NBQ continued to maintain strong capital adequacy ratio of 32.98 per cent at the close of the first quarter with Tier 1 ratio of 31.7 per cent providing significant opportunities to expand balance sheet.
The bank has a very strong liquidity position with stable resources to advances ratio of 137 per cent and net stable funding ratio of 117 per cent enabling the bank to expand lending portfolio.
National Bank of Umm Al Qaiwain (NBQ) reported a net profit of Dh102.4 million in the first quarter of 2016 compared to Dh102.8 million in the same quarter last year.
Bank’s operating inco
National Bank of Umm Al-Qaiwain (NBQ) on Monday reported a net profit of Dh102.88 million for first quarter of 2015, compared to Dh95.31 million reported in the same period last year.
Global Investment House (Global) is pleased to announce that the Court of Appeals of Dubai in its hearing held today ruled to accept the settlement agreement between “Global” and National Bank of Umm
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