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NBQ sees 38% higher profits in 2023

NBQ sees 38% higher profits in 2023
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Abu Dhabi – Mubasher: National Bank of Umm Al Qaiwain (NBQ) generated 38% higher net profits at AED 502.61 million in 2023, compared to AED 364.52 million in 2022.

Total revenue hit AED 954.88 million during the January-December 2023 period, while the operating income reached AED 617.93 million.

Earnings per share (EPS) increased to AED 0.25 in 2023 from AED 0.19 a year earlier, according to the preliminary financial results. Additionally, the total assets surged to AED 14.77 billion from AED 13.60 billion. 

Cost to income ratio stood at 21.21% during the year, which reflected the UAE lender’s operational efficiencies as well as disciplined cost management.

The bank registered net loans and advances valued at AED 6.99 billion as of 31 December 2023, whereas the customer deposits amounted to AED 8.73 billion. Meanwhile, the shareholders' funds reached AED 5.64 billion.


NBQ also received the Initial approval from the Central Bank of the UAE (CBUAE) for proposed cash dividends accounting for 15% of the paid-up capital.

In the first nine months (9M) of 2023, the ADX-listed bank achieved AED 385.46 million in net profit, higher by 48% year-on-year (YoY) than AED 259.92 million.