30 Oct 2021
Report for the nine months ending 30 Sep 2021
National Bank of Umm Al-Qaiwain has posted a net profit of AED 194.68 million for the nine month of the year 2021. Net profit has increased by 10.61% compared to AED 176.01 million for nine months of previous year, despite the continuing economic challenges due to COVID-19 outbreak.
Cost to income stood at 32.22% during nine 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 188.97% 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 Sep 2021
- Total assets stood at AED 13.30 billion.
- Deposits to advances ratio is maintained prudently at 112.07%.
- Capital Adequacy Ratio improved to 41.37% as at 30 Sep 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 40.25%.
- Share Capital is AED 1.85 billion and total Shareholders’ Equity is AED 4.91 billion.
- Bank has maintained high liquidity with stable resources to advances ratio of 137.71% as at 30 Sep 2021, while the Central Bank of UAE has set 100% as the minimum limit.
- Net Stable funding ratio as at 30 Sep 2021 as per Basel III guidelines stood at 116.85% compared to minimum stipulated ratio of 100%. This will enable the Bank to prudently expand its lending portfolio.