Abu Dhabi – Mubasher: National Bank of Umm Al Qaiwain (NBQ) recorded a 54% year-on-year (YoY) leap in net profit to AED 255.12 million during the first half (H1) of 2023, versus AED 165.29 million.
Basic and diluted earnings per share (EPS) hit AED 0.13 as of 30 June 2023, an annual rise from AED 0.09, according to the consolidated interim income statements.
During the first six months (6M) of 2023, the bank’s interest income hiked to AED 350.48 million from AED 153.06 million in the year-ago period.
Total assets reached AED 14.06 billion in H1-23, while the customers’ deposits amounted to AED 8.27 billion.
Financial Results for Q2-23
The UAE lender posted net profits valued at AED 115.96 million during the second quarter (Q2) of 2023, compared to AED 68.72 million in the year-ago period.
Net income climbed to AED 184.69 million in Q2-23 from AED 81.09 million in Q2-22, while the basic and diluted EPS went up to AED 0.06 from AED 0.04.
Adnan Al Awadhi, CEO of NBQ, commented: “We will continue to invest in cutting-edge technologies to enhance our digital capabilities, develop innovative products and services, and stay ahead of customer expectations.”
Al Awadhi also noted that they “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,” the CEO concluded.
During the January-March 2023 period, the bank witnessed 44% YoY higher net profits at AED 139.15 million, compared to AED 96.57 million.
