Abu Dhabi-Mubasher: The National Bank of Umm Al Qaiwain (NBQ) posted a 71.6% decline in its second-quarter profits, according to a bourse statement.
Profits reached AED 90.27 million ($24.58 million) in Q2-16, compared to AED 318.03 million ($86.58 million) in Q2-15.
The bank reported higher profits of AED 192.68 million in H1-16 compared to AED 420.9 million in H1-15. The year-on-year profit rise is mainly attributed to the exceptional profits the bank achieved after settling a dispute with Kuwait’s Global Investment House.
NBQ received AED 271.62 million ($74 million), under a settlement agreement, from the Kuwaiti investment company.
