National Bank of Umm Al-Qaiwain Announces Strong Financial Performance for 2022

23 Feb 2023

National Bank of Umm Al-Qaiwain Announces Strong Financial Performance for 2022

National Bank of Umm Al-Qaiwain Announces Strong Financial Performance for 2022

Umm Al-Qaiwain, United Arab Emirates - National Bank of Umm Al-Quwain (NBQ) announced its financial results for the year ended December 31st, 2022 . The bank has posted a net profit of AED 364.52 million, a 38% increase from the previous year, reflecting a strong performance in the improving external environment and efficient cost management.

The cost-to-income ratio was 28.93%, an improvement of 588 basis points compared to 2021, reflecting the bank's operational efficiencies and disciplined cost management. To ensure adequate cushions during current challenging times, the bank has exercised prudence and built up provisions, holding collateral and specific provisions to the tune of 183.10% for the vast majority of non-performing loans.

Total assets were at AED 13.605 billion, up 3.5% compared to December 2021, with a deposits to advances ratio of 126%. The Capital Adequacy Ratio was 44.27%, well over the minimum threshold stipulated by the Central Bank of the UAE in accordance with Basel III guidelines, while the Tier I ratio was maintained strongly at 43.13%.

The bank has maintained high liquidity with a stable resources to advances ratio of 159.21% as of December 31st, 2022, exceeding the minimum limit set by the Central Bank of the UAE. The Net Stable funding ratio was also strong at 122.32% compared to the minimum stipulated ratio of 100%.

Mr. Adnan Al Awadhi, Chief Executive Officer of NBQ, highlighted the bank's crucial role in supporting the economic transformation of the UAE. "Our goal is to continue enhancing our competitive position and maximize our positive impact on stakeholders and communities," he said. He added that the bank sees sustainability as an opportunity to support the national economic agenda and meet the evolving needs of its customers, while effectively managing risk to ensure the bank's long-term success.

The exceptional financial performance and commitment to sustainability demonstrated by NBQ make it a standout player in the financial sector and a trusted partner for customers seeking high-quality products and services.

The bank is focused on providing a full range of banking services to individuals, small and medium-sized enterprises, and corporations. NBQ aims to support its customers by providing access to innovative products and services and by leveraging technology to improve banking convenience and efficiency.

As the UAE continues to invest in clean and renewable energy and focuses on tourism as a key driver of its non-oil economy, NBQ is well-positioned to support this national ambition. The bank is committed to sustainable growth and has implemented strategies to minimize its impact on the environment, support the local community, and promote financial literacy and inclusion.

The strong financial performance and focus on sustainability demonstrated by NBQ are a testament to the bank's commitment to excellence and its ability to deliver value to its stakeholders. With a dedicated team of professionals, innovative products and services, and a commitment to sustainability, NBQ is poised to continue its exceptional growth and play a key role in supporting the economic transformation of the UAE.

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