In comparison to the nine-month period that concluded on September 30, 2022, National Bank of Umm Al Quwain (NBQ) declared a net profit of AED 260 million for that period. This represents a 48% increase. This outstanding outcome demonstrates the bank’s dedication to cost control and operational effectiveness.
The NBQ CEO, Mr. Adnan Al Awadhi, expressed his happiness in reporting a record profit for the nine months that concluded on September 20, 2023. The excellent financial outcomes realized during the nine-month span ending on September 30, 2023, show that our profitability margins have risen. This is a result of the careful cost control procedures we have implemented, the bank’s pursuit of novel revenue streams, as well as the efforts made to streamline internal operations. We are happy with our accomplishments and want to keep providing our clients with the best possible service.
Technology investments have lowered expenses and increased operating efficiency, according to Mr. Adnan Al Awadhi. Our continued emphasis on providing excellent customer service has led to high levels of client satisfaction and loyalty.
As we move forward, innovation, client centricity, and sustainable growth will continue to be our major priorities. We are confident that our joint efforts and strategic initiatives will help us succeed in the years to come, and we are constantly seeking for new opportunities to further bolster our market position.
The bank’s cost-to-income ratio has decreased by 856 basis points year over year to 21% from 29% for the nine-month period ending in September 2022. This is a result of the bank’s efficient operations and strict cost control.
As of 30 September 2023, the impairment coverage ratio, including collateral, increased to 257% from 183% as of 31 December 2022. As of 30 September 2023, the group’s total assets totaled 14.39 billion AED, up from 13.61 billion as of 31 December 2022. The bank conservatively kept the ratio of deposits to net advances at 130%.
As of 30 September 2023, the capital adequacy ratio was 46.34%, comfortably exceeding the Basel III-required requirement set by the Central Bank of the UAE. The Common Equity Tier I ratio is strongly held at 45.20 percent. The bank also kept its eligible liquid assets ratio at 28% as of September 30, 2023. As of 30 September 2023, the lending to stable resource ratio was at 60%, and the non-performing loan ratio decreased from 9.5% at the end of December 2022 to 7.7% at that time.
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