Umm Al Quwain: The National Bank of Umm Al Quwain, NBQ, has announced Dh135.18 million in net profits for the first quarter in 2019, a three per cent increase compared to the same period last year, which registered Dh131.03 million.
In a statement, NBQ attributed the net profit increase to improved operating performance driven by an increased interest income, coupled with effective recovery strategies.
According to the bank, fee and commission income recorded an increase of 31 per cent compared to a similar period last year. The cost-to-income ratio stood at 19 per cent during the three months.
It recorded total assets at Dh14.412 billion, with a deposits-to-advances ratio maintaining a 107 per cent rate.
The bank’s capital adequacy ratio hit 35.23 per cent on March 31, 2019, and “continues to be well over the minimum threshold stipulated by the UAE Central Bank in accordance with Basel III guidelines.”
Its Tier I ration was maintained at 34.09 per cent.
Share capital registered was Dh1.848 billion with a total shareholders’ equity totalling Dh4.434 billion.
NBQ said that it had maintained high liquidity with a stable resources-to-advances ratio of 143 per cent at the end of the first quarter.