Report for the Six Months Ending 30 June 2022

Last Update: Thursday, July 21, 2022 : 16:21 (+4GMT)

National Bank of Umm Al-Qaiwain has posted a net profit of AED 165.30 million for the six months of the year 2022. Net profit has increased by 25.72% compared to AED 131.48 million for six months of previous year due to improving external environment.

Cost to income stood at 29.38% during six 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.

Bank holds collateral and specific provision to the tune of 195.66% for vast majority of the non-performing loans, which reflects prudent management and effective monitoring of our loans and advances portfolio.

Other major highlights as at 30 June 2022

● Total assets stood at AED 13.35 billion.

● Deposits to advances ratio is maintained prudently at 123.86%.

● Capital Adequacy Ratio improved to 44.51% as at 30 June 2022, which continues to be well over the minimum threshold stipulated by the UAE Central Bank in accordance with Basel III guidelines. This provides opportunities to leverage. Tier I ratio is maintained strongly at 43.37%.

● Share Capital increased to AED 2 billion during the quarter with the bonus shares issued. Total Shareholders’ equity is AED 5.11 billion.

● Bank has maintained high liquidity with stable resources to advances ratio of 164.33% as at 30 June 2022, while the Central Bank of UAE has set 100% as the minimum limit.

● Net Stable funding ratio as at 30 June 2022 as per Basel III guidelines stood at 118.20% compared to minimum stipulated ratio of 100%. This will enable the Bank to prudently expand its lending portfolio.

Posted by: GoDubai PR Dept
Viewed: 5580 times
PR Category: Business & Economy
Posted on: 21 Jul 2022 4:21:00 PM (GMT+4)

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