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NBQ – Q2 2023 Results – Net Profit Surges 54% Reaching AED 255 Million

NBQ – Q2 2023 Results – Net Profit Surges 54% Reaching AED 255 Million

United Arab Emirates, Umm Al Quwain, 18 July, 2023:  National Bank of Umm Al Quwain reported a net profit of AED 255 million in Q2 of 2023, reflecting a 54% increase compared to AED 165 million in Q2 of 2022. Cost-to-income ratio is 20.58%, reflecting a 880 basis point year-on-year improvement, indicating the bank's operational efficiencies and disciplined cost management.

Bank's Impairment coverage ratio, including collateral, improved to 254% as of June 30, 2023, from 183% as of December end. Total assets of the group reached AED 14.06 billion as of June 30, 2023, reflecting a 3% increase compared to Dec 2022. Bank maintained deposits to net advances ratio prudently at 129%.

Capital Adequacy Ratio is 46% as of June 30, 2023, which is well over the minimum threshold stipulated by Central Bank of the UAE in accordance with Basel III guidelines. This indicates the bank's strong capital position and provides opportunities to leverage. Common Equity Tier I ratio is maintained strongly at 44.86%. Eligible Liquid Assets Ratio is 32.64% as of June 30, 2023, and Lending to Stable Resource Ratio as of June 30, 2023 is 59.35%.

Bank's Non-performing ratio improved from 7.80% at December 2022 end to 9.46% which, indicates the bank's focus on maintaining high-quality assets and prudent lending practices.

CEO Adnan Al Awadhi mentioned that the bank's strategy for growth and profitability has remained steadfast, and the bank has taken several initiatives to achieve these objectives. 

He mentioned that “The outstanding financial results achieved in the second quarter of 2023 are a testament to the unwavering support of our stakeholders , the trust of our customers and the collective efforts of our dedicated employees”. 

He said that the bank remains committed to invest in cutting edge technologies to enhance the digital capabilities of the bank along with developing innovative products and services to stay ahead of customer expectations.

He further added that “looking ahead together, we will navigate the challenges ahead and seize the opportunities to achieve sustainable growth and long-term success for NBQ. As we move forward, we must remain vigilant and adapt swiftly to the evolving market dynamics, while continuing to focus on key strategic priorities including growth and expansion”

International credit rating agencies , Moodys and Capital Intelligence, has affirmed  the banks financial ratings as Stable. Moody's has assigned National Bank of Umm Al Quwain (NBQ) a deposit rating of Baa2 with a BCA (baseline credit assessment) of ba2.

National Bank of Umm Al Quwain, investment grade ratings speak of the success of their strategy, unwavering customer focus and commitment to deliver sustainable shareholder returns. 

Posted by : Editorial Team
Viewed 8840 times
PR Category : Banking & Investments
Posted on : Tuesday, July 18, 2023  2:54:00 PM UAE local time (GMT+4)
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