National Bank of Umm Al Qaiwain PSC : NBQ Q3 2022 Published on 23-10-2022

NATIONAL BANK OF

UMM AL-QAIWAIN (PSC)

AND SUBSIDIARY

Review report and condensed consolidated interim financial statements

For the period ended 30 September 2022

NATIONAL BANK OF UMM AL-QAIWAIN (PSC) AND SUBSIDIARY

Review report and condensed consolidated interim financial statements

For the nine months period ended 30 September 2022

Contents	Pages
Report on review of condensed consolidated interim financial statements	1
Consolidated interim statement of financial position	2
Consolidated interim income statement	3
Consolidated interim statement of comprehensive income	4
Consolidated interim statement of changes in equity	5
Consolidated interim statement of cash flows	6
Notes to the condensed consolidated interim financial statements	7 - 23

Ernst & Young (Sharjah Branch)	Tel: [phone]
P.O. Box 1350	ey.com
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Sharjah, United Arab Emirates

REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS TO THE BOARD OF DIRECTORS OF NATIONAL BANK OF UMM AL- QAIWAIN PSC AND SUBSIDIARY

Introduction

We have reviewed the accompanying condensed consolidated interim financial statements of National Bank of Umm Al-Qaiwain PSC (the "Bank") and its subsidiary (collectively referred to as the "Group"), which comprise the consolidated interim statement of financial position as at 30 September 2022 and the related consolidated interim statements of income and comprehensive income for the three month and nine month periods then ended and consolidated interim statement of cash flows and changes in equity for the nine-month period then ended and explanatory notes. Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with International Financial Reporting Standard IAS 34, Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with IAS 34.

Ernst & Young

Signed by:

Anthony O' Sullivan

Partner

Registration No. 687

23 October 2022

Sharjah, United Arab Emirates

A member firm of Ernst & Young Global Limited

National Bank of Umm Al-Qaiwain (PSC) and Subsidiary

CONSOLIDATED INTERIM INCOME STATEMENT

For the nine months period ended 30 September 2022 (Unaudited)

		Three months period ended	Nine months period ended
		30 September (Unaudited)	30 September (Unaudited)
		──────────────────	─────────────────
		2022	2021	2022	2021
	Notes	AED '000	AED '000	AED '000	AED '000
Interest income		109,972	74,025	263,033	225,172
Income from Islamic financing products		17,196	7,835	35,407	22,599
Total interest income and income		────────	────────	────────	────────
from Islamic financing products		127,168	81,860	298,440	247,771
Interest expense		(14,860)	(12,357)	(37,041)	(37,809)
Distribution to depositors - Islamic products		(60)	(78)	(209)	(254)
Net interest income and income from		────────	────────	────────	────────
Islamic products net of distribution
to depositors		112,248	69,425	261,190	209,708
Net fees and commission income		8,102	8,247	29,050	32,094
Other operating income		16,671	16,491	54,549	34,655
		────────	────────	────────	────────
GROSS INCOME		137,021	94,163	344,789	276,457
Operating expenses		(40,224)	(34,944)	(111,542)	(99,938)
Investment gains		799	430	35,658	33,919
		────────	────────	────────	────────
OPERATING INCOME		97,596	59,649	268,905	210,438
Share of results from an associate		(48)	(430)	60	(176)
PROFIT FOR THE PERIOD		────────	────────	────────	────────
	97,548	59,219	268,965	210,262
BEFORE IMPAIRMENT
Net impairment losses	13	(2,916)	3,977	(9,037)	(15,586)
		────────	────────	────────	────────
PROFIT FOR THE PERIOD		94,632	63,196	259,928	194,676
		════════	════════	════════	════════
Basic and diluted earnings
per share (AED)	14	0.05	0.03	0.14	0.10
		════════	════════	════════	════════

The attached notes 1 to 24 form an integral part of these condensed consolidated interim financial statements.

The independent auditor's report on review of the condensed consolidated interim financial statements is set out on page 1.

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