National Bank of Umm AI-Qaiwain posts net profit of AED194.68 mn in first nine months of 2021

UMM AI-QAIWAIN, National Bank of Umm AI-Qaiwain has posted a net profit of AED 194.68 million for the first nine months of 2021.

The net profit has increased by 10.61% compared to AED176.01 million for nine months of previous year, despite the continuing economic challenges due to COVID- 19 outbreak, the bank said in a statement today.

Cost to income stood at 32.22% during nine months, reflecting the Bank’s operational efficiencies and disciplined cost management.

“The bank is focused on exercising prudence and building up provisions to ensure adequate cushions during current challenging times. Bank holds collateral and specific provision to the tune of 188.97% for vast majority of the non-performing loans, which reflects prudent management and effective monitoring of our loans and advances portfolio,” added the statement.

“Capital Adequacy Ratio improved to 41.37% as at 30 Sep 2021, which continues to be well over the minimum threshold stipulated by the UAE Central Bank in accordance with Basel III guidelines. This provides opportunities to leverage. Tier I ratio is maintained strongly at 40.25%.”

Source: Emirates News Agency