The National Bank of Umm Al Quwain saw a 26% increase in profits, reaching 175.7 million dirhams by the end of the first quarter of 2024. This is compared to the profits of 139.2 million dirhams achieved during the same period in 2023. The bank attributed this increase to a rise in total operating income by 58%, reaching 245.4 million dirhams, compared to 155.5 million dirhams in 2023. Net profits before tax in the first quarter reached 188 million dirhams, a 35% increase from the same period in 2023.
The record profitability is also attributed to a 31% increase in investment profits, reaching 44.8 million dirhams compared to 34.1 million dirhams in the first quarter of 2023. The bank’s total assets amounted to 14.8 billion dirhams at the end of the first quarter, with customer deposits at 8.85 billion dirhams, and net loans and advances at 6.77 billion dirhams, maintaining a ratio of deposits to net lending at 131%.
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