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Message from Chairman

It is my pleasure to inform that NBQ has achieved total revenue of AED 664.46 million for the year ending 31st December 2014 (2013: AED 659.93 million), net operating profit of AED 406.32 million an increase of 25% over the previous year (2013: AED 323.98 million) and Net profit of AED 312.82 million after reduction of AED 75.77 million being provision made against risks inherent in the portfolio of 1.50% on the Total Credit Weighted Assets as per UAE Central Bank requirements for all banks operating in UAE and to fall in line with International Prudential Standards.

Total Assets and Liabilities amounted to AED 13.23 billion registering a 6 % growth compared to 2013 figure of AED 12.50 Billion. Loans & Advances portfolio increased by 13.47% (2013: 4.02%) to AED 7.98 billion from AED 7.03 billion while Customer deposits increased to AED 8.04 Billion from AED 7.44 billion, registering an 8% growth.

Shareholders' funds amounted to AED 3.80 billion as at 31/12/2014 (2013: AED 3.70 billion).

NBQ maintained the strategy of keeping high level of liquidity as in the past and liquidity ratio as at 31/12/2014 is recorded at 23.71%. We continue to maintain one of the highest capital adequacy ratios in the banking industry and is recorded at 30.90% as against the minimum prescribed level of 12% stipulated by UAE Central Bank. This depicts the financial strength of the bank and its capacity to increase scope of lending portfolio, when needed. Tier 1 ratio is recorded at 29%, which is also substantially higher than the prescribed 8 % stipulated by the regulatory authorities. Cost to income ratio is 29.69% (2013: 33.98%) reflecting the controls maintained by us in managing the costs while maintaining the income growth during the year.

Board is recommending the payment of cash dividend of 11% for the year 2014 and a bonus of 10%.

The growth momentum in US picked up in 2014 as evidenced by encouraging financial, economic and employment data from there. There are indications that we may see interest rate hikes in US in 2015. China continued to be a fast growing economy, but the rate of growth slowed a bit. Other major economies did not see much of upside during 2014. UAE economy was cruising at a growth rate of around 4.4% for most part of the year before the steep fall in crude oil prices in the last quarter. Still the final growth rate is likely to be above 4% considering the strong growth in non-oil economy. The growth rate for 2015 may to be around 4.5% as the activity for the Dubai Expo 2020 is likely to pick up soon. UAE's ADX and DFM bourses saw their respective indices at record highs before falling at year end due to the oil price shock. The UAE banking sector too witnessed a good growth in 2014, which is likely to continue in 2015 considering the pick-up in US economy, growth prospects of UAE economy and likelihood of stabilisation of oil prices.

We continued to maintain cautionary credit expansion policy with profitability focus. Credit monitoring is also given its due focus. Considering the growth opportunities and avenues of growth, bank has adopted clear strategy to expand the scope of our asset building exercise to increase our earnings and to further enhance the shareholder's returns and net worth without diluting the cautionary policy followed hitherto. We consider that 2015 as a year of calculated growth due to instability in oil prices; bank is planning to spend on infrastructural projects to expand its serviceability with a wider scope of clientele.

On behalf of the Board of Directors, I express my sincere gratitude to His Highness Sheikh Saud Bin Rashid Al Mualla Ruler of Umm Al Qaiwain and Member of the Supreme Council of the United Arab Emirates for the continued support for the development of Bank.

I would also like to appreciate the on-going initiatives, support and guidance of UAE Central Bank in regulating and automating the country's Financial Sector in general and NBQ in particular. Last but not the least, I also sincerely appreciate the confidence of our beloved shareholders, the continuing loyalty demonstrated by our customers and business partners and the dedicated efforts of our Management and staff, who have all contributed to the success of NBQ for 2014 as well. We expect this unstinted support in the future as well which will provide NBQ the strength and determination to meet all future challenges in the years to come.

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