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NBQ Releases Unaudited First Quarter Results

UMM AL QAIWAIN - The National Bank of Umm Al Qaiwain, or NBQ, announced that it has registered a net profit of Dh110.8 million for the first quarter of 2009, a 12.8 per cent increase over the first quarter profit of Dh98.2 million last year, despite valuation losses in its investment portfolio.

The net interest income of Dh152.9 million for the first quarter of 2009 registered a 96 per cent increase compared to Dh78.1 million over the same period in 2008. Operating income from its core business increased 71 per cent to Dh137.3 million from Dh80.2 million.

The bank’s investment portfolio registered a loss of Dh11.2 million during the first quarter of 2009, compared to a gain of Dh18.6 million last year, due to the underperformance of GCC stock markets. The share capital of the Bank at the end of the first quarter of this year increased to Dh1.452 billion from Dh1.32 billion at the end of December 2008, due to the payment of 10 per cent stock dividend last year.

Customer deposits portfolio increased 7 per cent to Dh7.288 billion during the first quarter of 2009 from Dh6.822 billion at the end of December 2008.

Borrowings from the inter-bank market decreased by Dh183.6 million during the first quarter of this year. The liquidity position was around 22 per cent at the end of March 2009.

· business@khaleejtimes.com