National Bank of Umm Al Qaiwain PSC : NBQ Q1 2022 Published on 17-04-2022

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

Review report and condensed consolidated interim financial statements

For the three months period ended 31 March 2022

NATIONAL BANK OF UMM AL-QAIWAIN (PSC) AND SUBSIDIARY
Review report and condensed consolidated interim financial statements
For the three months period ended 31 March 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 - 22

Ernst & Young (Sharjah Branch)

P.O. Box 1350

Tel: [phone] ey.com

City Gate Tower, Office No. 1402 Al Ittihad Street

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 31 March 2022 and the related consolidated interim statements of income, comprehensive income, changes in equity and statement of cash flows for the three-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.

For Ernst & Young

Signed by: Anthony O'Sullivan Partner

Registration No: 687

17 April 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 three months period ended 31 March 2022 (Unaudited)

Three months period ended

31 March (Unaudited)

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2022	2021
Notes	AED '000	AED '000
Interest income	71,967	75,271
Income from Islamic financing products	5,796	8,765
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Total interest income and income
from Islamic financing products	77,763	84,036
Interest expense	(10,944)	(13,405)
Distribution to depositors - Islamic products	(83)	(96)
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Net interest income and income from
Islamic products net of distribution
to depositors	66,736	70,535
Net fees and commission income	10,702	13,390
Other operating income	23,648	13,183
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GROSS INCOME	101,086	97,108
Operating expenses	(35,683)	(32,159)
Investment gains	30,494	27,585
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OPERATING INCOME	95,897	92,534
Share of results from an associate	58	54
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PROFIT FOR THE PERIOD BEFORE IMPAIRMENT	95,955	92,588
Net Impairment Losses	14	616	(16,101)
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PROFIT FOR THE PERIOD	96,571	76,487
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Basic and diluted earnings per share (AED)	15	0.05	0.04
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The attached notes 1 to 25 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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