NBQâ€™s records 20 per cent in net profit for the first quarter of 2017
The bank’s total assets stood at AED 13.76 billion.
National Bank of Umm Al Qaiwain (NBQ) in a statement on Abu Dhabi Securities exchange has reported a net profit of AED 123.39 million, up 20 per cent for the first quarter of 2017 compared to AED 102.4 million in the same quarter last year.
The bank’s net interest income also saw a growth of 20 per cent compared to the first quarter of last year and 15 per cent from the last quarter of 2016. Its operating income grew by 24 per cent year on year in the first quarter of this year with a 20 per cent increase compared to the fourth quarter of last year. This was largely driven by increase in interest income and recoveries.
Fee and commission income recorded an increase of 18 per cent in the first quarter of 2017 compared to the corresponding period last year. The bank’s cost to income ratio stood at 22 per cent reflecting strong operational efficiencies and cost management.
Non-performing loans (NPL) ratio improved to 4.7 per cent compared to 6.9 per cent in December 2017.