NBQ’s profits jump to $70.84mln in 9M-22 results

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Abu Dhabi – National Bank of Umm Al Qaiwain (NBQ) posted net profits worth AED 259.92 million in the first nine months (9M) of 2022, up 33.50% from AED 194.67 million in 9M-21.

The total interest income and income from Islamic financing products amounted to AED 298.44 million in 9M-22, versus AED 247.77 million in 9M-21, according to the income statements.

During the January-September 2022 period, the basic and diluted earnings per share (EPS) stood at AED 0.14, compared to AED 0.10 in the year-ago period.

In the third quarter (Q3) of 2022, the bank’s net profits enlarged to AED 94.63 million from SAR 63.19 million in Q3-21, while the basic and diluted EPS rose to AED 0.05 from SAR 0.03.

Additionally, the total interest income and income from Islamic financing products reached AED 127.16 million in Q3-22, higher than AED 81.86 million during the same period a year earlier.

Adnan Al Awadhi, CEO of NBQ, said: “Results for Q3-22 show how strong and resilient the bank is. Strategically prioritising our core businesses, taking a responsible approach to finance, and placing a strong emphasis on diversifying our revenue streams have led to increase in profit.”

He added: “As we move forward, we will keep searching for new business opportunities to satisfy customer demand and boost shareholder value.”

In the first half (H1) of 2022, the UAE-based lender generated net profits of AED 165.29 million, an annual surge of 25.70% from AED 131.48 million.