Home Business National Bank of Umm Al-Qaiwain reports AED96.57 million in Q1 net profit

National Bank of Umm Al-Qaiwain reports AED96.57 million in Q1 net profit

by Dubai Forum
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UMM AL QAIWAIN, 17th April, 2022 (WAM) — National Bank of Umm Al-Qaiwain has posted a net profit of AED96.57 million for the three months of the year 2022, the bank said in a statement today.

Net profit has increased by 26.26% compared to AED76.49 million for three months of previous year due to improving external environment.

Cost to income stood at 27.11% during three months, reflecting the Bank’s operational efficiencies and disciplined cost management.

“Bank is focused on exercising prudence and building up provisions to ensure adequate cushions during current challenging times,” added the statement. The total assets stood at AED13.30 billion.

The bank has maintained high liquidity with stable resources to advances ratio of 157.60% as at 31 March 2022, while the Central Bank of UAE has set 100% as the minimum limit.

“Net Stable funding ratio as at 31 March 2022 as per Basel III guidelines stood at 122.97% compared to minimum stipulated ratio of 100%. This will enable the Bank to prudently expand its lending portfolio,” concluded the statement.

WAM/Hatem Mohamed

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