Abu Dhabi – Mubasher: National Bank of Umm Al Qaiwain (NBQ) generated net profits amounting to AED 139.15 million in the first quarter (Q1) of 2023, up 44% from AED 96.57 million in Q1-22.
Basic and diluted earnings per share (EPS) increased to AED 0.07 as of 31 March 2023 from AED 0.05 in Q1-22, according to the interim financial results.
The interest income reached AED 165.79 million in the first three months (3M) of 2023, an annual jump from AED 71.96 million.
The total assets grew by 4% to AED 14.17 billion in Q1-23 from AED 13.60 billion as of 31 December 2022, while the clients’ deposits enlarged to AED 8.18 billion from AED 7.86 billion.
Adnan Al Awadhi, CEO of NBQ, indicated: “NBQ’s performance this quarter has been strong and praiseworthy facilitated by the pace of economic recovery of the country.”
Al Awadhi said: “NBQ progressed well in the execution of its strategic plans supported by a robust capital adequacy, sound improvement in assets quality, sufficient liquidity buffers, success in leveraging digital technology, and well-diversified balance sheet.”
He concluded: “Looking ahead, the increasingly challenging global backdrop calls for caution with recessionary risks looming over several economics, we remain focused on maintaining balance sheet strength to deliver our strategic priorities to drive growth and provide innovative solutions to the customers and maximise shareholders wealth.”
In 2022, the ADX-listed bank’s net profits surged by 38% year-on-year (YoY) to AED 364.51 million from AED 264.16 million.
