Umm al Qaiwain, UAE– National Bank of Umm Al Qaiwain (NBQ) has reported a net profit of AED364.52 million ($99 million), a 38 percent increase from 2021.
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 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 bank said in a statement.
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, the bank said.
Adnan Al Awadhi, CEO of NBQ, said, “Our goal is to continue enhancing our competitive position and maximize our positive impact on stakeholders and communities.”