17 Apr 2022
Report for the three months ending 31 March 2022
National Bank of Umm Al-Qaiwain has posted a net profit of AED 96.57 million for the three months of the year 2022. Net profit has increased by 26.26% compared to AED 76.49 million for three months of previous year due to improving external environment.
Cost to income stood at 27.11% during three 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 193.18% 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 31 March 2022
- Total assets stood at AED 13.30 billion.
- Deposits to advances ratio is maintained prudently at 115.73%
- Capital Adequacy Ratio improved to 43.71% as at 31 March 2022, 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 42.57%.
- Share Capital is AED 1.85 billion and total Shareholders’ Equity is AED 5.18 billion.
- Bank has maintained high liquidity with stable resources to advances ratio of 157.60% as at 31 March 2022, while the Central Bank of UAE has set 100% as the minimum limit.
- Net Stable funding ratio as at 31 March 2022 as per Basel III guidelines stood at 122.97% compared to minimum stipulated ratio of 100%. This will enable the Bank to prudently expand its lending portfolio.