National Bank of Umm Al-Qaiwain has posted a net profit of AED 131.48 million for the first half of the year 2021. Net profit has increased by 3.34% compared to the first half profit of AED 127.24 million, despite the continuing economic challenges due to COVID-19 outbreak.

Cost to income stood at 30.08% during first six months, reflecting the Bank’s operational efficiencies and disciplined cost management.

Bank is focused on exercising prudence and building up provisions to ensure adequate cushions during current challenging times.

Bank holds collateral and specific provision to the tune of 173.89% for vast majority of the non-performing loans, which reflects prudent management and effective monitoring of our loans and advances portfolio.

Other major highlights as at 30 June 2021

• Total assets stood at AED 13.55 billion.
• Deposits to advances ratio is maintained prudently at 112.64%.
• Capital Adequacy Ratio improved to 42.36% as at 30 June 2021, which 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. Tier I ratio is maintained strongly at 41.24%.
• Share Capital is AED 1.85 billion and total Shareholders’ Equity is AED 4.82 billion.
• Bank has maintained high liquidity with stable resources to advances ratio of 152.91% as at 30 June 2021, while the Central Bank of UAE has set 100% as the minimum limit.
• Net Stable funding ratio as at 30 June 2021 as per Basel III guidelines stood at 115.79% compared to minimum stipulated ratio of 100%. This will enable the Bank to prudently expand its lending portfolio.