NBQ reports Dh275.37m 9-month net profits

Dubai – National Bank of Umm Al Quwain (NBQ) reported a net profit of Dh275.37 million for the first nine months ending September 30, registering a 12 per cent increase compared to the same period last year.

The bank’s third quarter net profit of Dh90.71 million was up 5 per cent compared to Dh86.12 million reported in the third quarter last year.

At the close of the third quarter this year NBQ’s total assets stood at Dh12.22 billion with loans and advances portfolio at Dh6.76 billion. The bank’s customer deposits amounted to Dh7.21 billion at the end of the third quarter.

While the net interest income in the third quarter declined to Dh102.88 million from Dh113.59 million in the third quarter of 2012, fees and commission income was down to Dh10.49 million in the third quarter of 2013 compared to Dh14.43 million in the same period in 2012. The bank’s investment revenues were up at 26.41 million in the third quarter of this year as it reported Dh12.64 million in provisions for impaired loans.

The capital adequacy ratio of 30.20 per cent as the end of the third quarter of this year is far above the overall minimum 12 per cent stipulated by the UAE central bank.