18 Oct 2017
Report For The Third Quarter Ending
Interest Income and Income from Islamic financing products reported a growth of 5% as compared to the similar period last year.
Fee and commission income recorded an increase of 6% as compared to similar period last year. Cost to Income ratio stood at 32% during nine months, reflecting the bank’s operational efficiencies and disciplined cost management.
Net provision charge for loan impairment for the nine months decreased by 79% as compared to the same period last year.
NPL ratio improved to 4.3% as at the end of September 2017 compared to 6.9% as at December 2016 and 8.1% for the same period of 2016.
Other Major Highlights As At 30th September 2017
- Total assets stood at AED 14.05 Billion.
- Customer deposits marked a 5% increase as compared to December 2016. Deposits to advances ratio is maintained prudently at 108%.
- Capital Adequacy Ratio of 33.11% as at 30th September 2017 continues to be well over the minimum threshold stipulated by the UAE Central Bank in accordance with Basel III guidelines. This provides opportunities to leverage as and when required. Tier I ratio is maintained strongly at 31.85%.
- Share Capital is AED 1.85 Billion and total Shareholders’ equity is AED 4.08 Billion.
- Bank has maintained high liquidity with stable resources to advances ratio of 143% as at 30th September 2017, while the Central Bank of UAE has set 100% as the minimum limit.
- Net Stable funding ratio as per Basel III guidelines stood at 118%, compared to minimum stipulated ratio of 100%. This will enable the bank to prudently expand its lending portfolio.