WAM
14 Feb 2023, 09:25 GMT+10
UMM AL QAIWAIN, 13th February, 2023 (WAM) -- National Bank of Umm Al Qaiwain (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 percent increase from the previous year.
The cost-to-income ratio was 28.93 percent, 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 percent for the vast majority of non-performing loans.
Total assets were at AED 13.605 billion, up 3.5 percent compared to December 2021, with a deposits-to-advances ratio of 126 percent. The Capital Adequacy Ratio was 44.27 percent, 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 percent.
The bank has maintained high liquidity with a stable resources-to-advances ratio of 159.21 percent 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 percent compared to the minimum stipulated ratio of 100%.
Adnan Al Awadhi, CEO 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.
Rashed
Get a daily dose of Philippine Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Philippine Times.
More InformationMEMPHIS, Tennessee: Tennessee authorities are slowly releasing information about a weekend car crash on a freeway that killed six young ...
JAKARTA, Indonesia: Officials from Indonesia's Aceh province said that more than 180 Rohingya Muslims landed this week by boat, in ...
HONG KONG: Hong Kong's first authorized protest took place since the end of COVID-19 restrictions and under new strict security ...
MOSCOW, Russia: A new campaign has begun across Russia to attract badly needed recruits to replenish its troop numbers for ...
WASHINGTON D.C.: US House of Representatives Speaker Kevin McCarthy has said that lawmakers will move forward on legislation aimed at ...
CROWNPOINT, New Mexico: Navajo Technical University, located on the largest Native American reservation in the US, has become the first ...
NEW YORK, New York - U.S. stocks posted a decent rally on Thursday with all the major indices making good ...
FREMONT, California: Neuralink, Elon Musk's brain implant company, has approached the Barrow Neurological Institute, one of the largest US neurosurgery ...
BRUSSELS, Belgium: The energy ministers of European Union member countries have approved a landmark law to end sales of new ...
BEIJING, China: After more than a year of self-imposed exile overseas, Alibaba founder Jack Ma has returned to China, allegedly ...
NEW YORK, New York - U.S. stocks and the dollar made solid gains on Wednesday as banking sector fears continued ...
NEW YORK CITY, New York: In a legal filing, Twitter announced that parts of its source code - the fundamental ...