NBQ first quarter profits flat at Dh102.4 billion

26/04/2016 05:52 AST

National Bank of Umm Al Qaiwain (NBQ) reported a net profit of Dh102.4 million in the first quarter of 2016 compared to Dh102.8 million in the same quarter last year.

Bank's operating income for the first quarter at Dh88 million was down 4.9 per cent compared to Dh92.34 million in the first quarter of 2015. Fee and other income recorded an increase of 6.85 per cent year on year. Net interest income declined by 5 per cent to Dh110.92 million in the first quarter of this year compared to the same quarter last year.

Total assets were marginally up at Dh13.41 billion at the end of the first quarter compared to Dh13.38 billion at year end 2015. While loans and advances reached Dh8.88 billion, customer deposits increased by 4.25 per cent to Dh9.15 billion from year end 2015.

Bank's capital adequacy ratio at the end of the first quarter was at 31.46 per cent and advances to stable resources ratio at 75.6 per cent. Liquidity coverage ratio of 207 per cent against minimum stipulated level 70 per cent gives the bank enough room to expand its balance sheet, NBQ said in a statement.


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