National Bank of Umm Al-Qaiwain in its preliminary unaudited first quarter results of 2009 has reported a net profit of AED110.8m, an increase of 12.8% compared to AED98.2m in the first quarter of 2008.
For the first quarter of 2009, net interest income was AED152.9m, an increase of 96% compared to AED78.1m in the corresponding quarter of 2008. The operating income from core business increased 71% AED137.3m in the first quarter of 2009, from AED80.2m in the corresponding quarter of 2008.
The bank’s investment portfolio has registered a loss of AED11.2m during the first quarter of 2009, compared to a gain of AED18.6m in the corresponding period of 2008, due to the underperformance of stock markets in the Gulf Cooperation Council.
Customer deposits portfolio increased 7% to AED7.29 billion during the first quarter of 2009, from AED6.82 billion at the end of December 2008. Borrowings from the inter-bank market decreased by AED183.6m during the first quarter of 2009. The liquidity position was around 22% at the end of March 2009.
The National Bank of Umm Al Qaiwain was established in 1982 by the ruler of UAQ Emirate. The local government owns majority share while the remainder is held by UAE nationals and institutions.
Our branch network comprises sixteen outlets spread over seven emirates – Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Qaiwain, Fujairah and Ras Al-Khaimah. Currently, the bank offers retail and corporate banking services to its customer base.
