Dubai: National Bank of Umm Al Quwain (NBQ) on Wednesday reported Dh186.32 million net profits for the first six months of 2014 compared to Dh184.66 million in the same period last year.
The bank’s operating income for the period increased by 9 per cent to 174.6 million compared to 160.18 million reported in the first half of 2013.
Total assets increased to Dh12.55 billion at the close of the first half of 2014 from Dh12.53 billion at the year end 2013 while loans and advances increased to Dh7.38 billion from Dh7 billion in the same period.
The bank’s net interest income was up 6 per cent in the first half of 2014 to Dh224 million as fees and commissions income declined to Dh23.63 million at the close of the first half of 2014 from Dh24.4 million in the same period in 2013.
On the liability side of the balance sheet, customer deposits were at Dh7.48 billion, marginally up from Dh7.44 billion as at the year end 2013.
Provisions for impaired loans declined 32 per cent to Dh22.8 million in the first half of 2014 from Dh34 million in the same period last year.
NBQ’s capital adequacy ratio as at June 30, 2014, was 29.6 per cent. The bank remained highly liquid with advances to stable ratio of 75 per cent at the close of the first half of 2014 compared to 73 per cent in the same period in 2013.
