Abu Dhabi – Mubasher: National Bank of Umm Al Qaiwain (NBQ) has reported a 3.16% year-on-year increase in its net profit for the first quarter of 2019.

Net profit amounted to AED 135.18 million in the three-month period ended in March, versus AED 131.03 million in Q1-18, the lender said in a filing to the Abu Dhabi Securities Exchange (ADX).

Operating expenses fell to AED 35.436 million at the end of March, compared to AED 37.552 million in the year-ago period, the bank added.

Meanwhile, provision for impairment on financial assets plummeted by 54% in Q1-19 to AED 16.6 million from AED 36.1 million in the same quarter a year earlier.

The bank’s interest income dropped to AED 145.25 million in the first three months of the year from AED 150.115 million in Q1-18.

Basic earnings per share (EPS) remained unchanged at AED 0.07 in Q1-19, according to the filing.

In 2018, NBQ reported a 10.62% year-on-year increase in net profit, recording AED 409.02 million, compared to AED 369.75 million.