National Bank of Umm AI-Qaiwain (NBQ) is pleased to announce that it has achieved a net profit of AED 102.88 million for the three months ending 31st March 2015 compared with the three months profit of AED 95.31 million registered for similar period in 2014 reflecting an increase of 8%.
Operating Income for the three months ending 31st March 2015 is AED 91.63 million recording a 14% increase as compared to AED 80.18 million for similar period in 2014.
Net Interest Income shows a positive growth of 12% at AED 116.88 million as compared to AED 104.02 million in Quarter 1 2014.
Other Major Highlights as at 31st March 2015
- Total assets stood at AED 13.47 billion.
- Loans & advances portfolio amounted to AED 7.79 billion.
- Customer deposits amounted to AED 8.40 billion.
- The Capital Adequacy Ratio of 29.17% as at 31st March 2015 continues to be well over the minimum 12% stipulated by the UAE Central Bank.
- Share Capital is AED 1.85 billion.
- Total Shareholders' equity is AED 3.68 billion.
- The Bank has high liquidity with advances to stable resources ratio of 73% as at 31st March 2015, against the maximum limit of 100% set by UAE Central Bank. Liquidity Coverage Ratio as per Basel III guidelines was at 182%, compared to the minimum stipulated ratio of 50%. This will enable the bank to prudently expand its lending portfolio in future.
- During the current quarter, the Bank and Global Investment House-Kuwait have signed an out of court settlement agreement to withdraw from legal proceedings and resolve all outstanding issues, claims and counter claims between both parties. As per the terms of settlement agreement, Bank will receive AED 271.62 million which comprises of a compensation amount and refund of penal interest amount. The settlement agreement was accredited by the Dubai Court of appeal on 1st April 2015 to be adopted between the parties and was made as powerful as an execution deed. Receipt of this amount of AED 271.62 million will be recorded as and when received, which will result in an additional other income.