Dubai: Early indications of a strong set of results for UAE banks are there, with National Bank of Umm Al Quwain’s net profit for the first nine months of 2022 at Dh260 million. What’s impressive is the 33.5 per cent gain year-on-year, largely driven by the 24.5 per cent spike in net interest income to Dh261 million.
In the July to end September phase, NBQ's profit was Dh94.63 million against Dh63.19 million a year ago.
Equally important was the 42 per cent drop in the bank’s impairment charges, to Dh9 million. “Results for the third quarter show how strong and resilient the bank is,” said Adnan Al Awadhi, CEO. “Strategically prioritizing our core business, taking a responsible approach to finance, and placing a strong emphasis on diversifying streams have to increase in profit.”
NBQ’s net loans at the end of September was Dh6.25 billion, while customer deposits were ‘maintained at same level’. The capital adequacy ratio was at 44.09 per cent, while the non-performing loan ratio was 9.1 per cent. :Despite ongoing difficulties, NBQ has gained ground," the CEO added. "We believe the bank is well-positioned for ongoing sustainable expansion."