National Bank of Umm Al-Qaiwain reports AED96.57 million in Q1 profit

UMM AL QAIWAIN, National Bank of Umm Al-Qaiwain has posted a net profit of AED96.57 million for the three months of the year 2022, the bank said in a statement today.

Net profit has increased by 26.26% compared to AED76.49 million for three months of previous year due to improving external environment.

Cost to income stood at 27.11% during three months, reflecting the Bank’s operational efficiencies and disciplined cost management.

“Bank is focused on exercising prudence and building up provisions to ensure adequate cushions during current challenging times,” added the statement. The total assets stood at AED13.30 billion.

The bank has maintained high liquidity with stable resources to advances ratio of 157.60% as at 31 March 2022, while the Central Bank of UAE has set 100% as the minimum limit.

“Net Stable funding ratio as at 31 March 2022 as per Basel III guidelines stood at 122.97% compared to minimum stipulated ratio of 100%. This will enable the Bank to prudently expand its lending portfolio,” concluded the statement.

Source: Emirates News Agency

35% growth rate of new membership in Ajman Chamber during 2021

AJMAN, Muhammad Ali Al Janahi, Acting Director-General of the Ajman Chamber of Commerce and Industry (ACCI), has confirmed that the Ajman Chamber has increased its new members from establishments during 2021, which reflects the Chamber’s efforts in promoting Ajman’s economic fundamentals and investment opportunities available in various sectors, strengthening global relations to attract new investors, and intensifying direct communication of economic delegations.

He noted that the growth rate of new membership in the Ajman Chamber during 2021 was 35 percent compared to 2020, when the number of new members reached 7,704 during 2021; compared to 5,723 members during 2020, and the number of new commercial licenses for the previous year was 4,238 membership, 2534 professional membership, and 131 industrial memberships.

Al Janahi added that the Ajman Chamber witnessed growth in the total number of registered members during 2021, as the total number of members reached 58,038 members, compared to 36,000 during 2020, with a growth rate of 7 percent.

He pointed out that commercial licenses were issued during 2021, with a total of 21,077 memberships, followed by professional memberships with a total of 14,926, and industrial memberships with a 1149.

The Acting Director-General of the Ajman Chamber praised the Chamber’s achievements during its participation in the “Expo 2020 Dubai” and the role of that participation in increasing the number of new memberships in the Ajman Chamber, especially as its exhibition provided a global platform during which the Ajman Chamber met with economic delegations from throughout the world to review investment opportunities available in various industrial, commercial, tourism, health, educational, service and other sectors, and chances to open new markets and future partnerships between business owners from Ajman and all countries of the world, so that the Ajman Chamber strengthened its economic relationship with the countries of the world through 127 joint meetings, and organised for its members from companies and factories 149 participant opportunities in economic activities at the Expo.

Al Janahi stressed that the Ajman Chamber seeks to provide an attractive business environment to achieve its strategic objectives, including “promoting the sustainability and growth of the business community, foreseeing and creating the future of business, and enhancing the potentials of competitiveness and leadership,” which are reflected in the growth of its members’ businesses and the sustainability of their activities.

Source: Emirates News Agency