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NBQ Q2 profits decline 3.4%

NBQ Q2 profits decline 3.4%
National Bank of Umm Al Qaiwain (NBQ) on Sunday reported a 3.4% drop in net profit in the second quarter of 2017
NBQ
NBQ
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Abu Dhabi – Mubasher: National Bank of Umm Al Qaiwain (NBQ) on Sunday reported a 3.4% drop in net profits for the second quarter of 2017, according to a bourse filing.

The bank’s net profits amounted to AED 87.19 million ($23.7 million) in Q2-17 against AED 90.27 million ($24.6 million) in the corresponding period of 2016.

The Emirati bank's profits dropped due to the rise in operating expenses which amounted to AED 52.83 million from AED 41.9 million, recording a 23% plummet.

In the first half of 2017, NBQ achieved a 9.3% growth in net profit to reach AED 211 million from AED 193 million in H1-16.

The bank’s profits soared 20.5% to reach AED 123.93 million in Q1-17, versus AED 102.40 million in Q1-16.