The financial statements of the National Bank of Umm Al Qaiwain showed that the profits of the bank in the first half of this year decreased by 47% compared to the profits of the corresponding period of last year.
According to the results of the bank on the Abu Dhabi Securities Market today, Wednesday, the profits for the period amounted to 127.2 million dirhams, compared to the profits for the first half of 2019 amounting to 238.9 million dirhams. p>
The bank attributed the decline in profits during the comparison periods to a decrease in operating revenues of 25% to reach 224.8 million dirhams, compared to 299.5 million dirhams for the same period in 2019. >
The decrease in profits was attributed to the increase in the provision for the decrease in the value of financial assets 108% to 70 million dirhams, compared to 33.9 million dirhams in the first half of the previous year.
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The bank recorded profits of 54.4 million dirhams in the second quarter of this year, compared to profits of 103.7 million dirhams for the same period in 2019, a decline of 47.5%
(Fun Knowledge of Knowledge)
