UAE: NBQ’s consolidated profit rises to over $77mln in H1-24

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Abu Dhabi: National Bank of Umm Al Qaiwain (NBQ) posted a consolidated net profit of AED 285.36 million in the first half (H1) of 2024, up from AED 255.12 million in the comparative period a year earlier.

Interest income surged to AED 448.27 million in H1-24 from AED 350.48 million in H1-23, according to unaudited interim financial results.

The basic and diluted earnings per share (EPS) inched higher to AED 0.14 in the six-month period that ended on 30 June 2024 from AED 0.13 in the comparative period the year before.

Customers deposits rose to AED 9.43 billion in H1-24 from AED 8.72 billion in H1-23.

Furthermore, total assets soared to AED 15.57 billion between 1 January and 30 June from AED 14.77 billion in the corresponding period a year earlier.

Second Quarter

During the second quarter (Q2) of 2024, the bank’s net profit declined to AED 109.63 million from AED 115.96 million in Q2-23.

However, interest income increased to AED 218.49 million in Q2-24 from AED 184.69 million a year earlier.

In the first quarter (Q1) of 2024, NBQ logged a net profit after tax of AED 175.73 million, up from AED 139.15 million in Q1-23.