During the first quarter of 2024, The National Bank of Umm Al Quwain experienced a substantial increase in profits, reaching 175.7 million dirhams, a 26% rise compared to the same period in 2023 when profits were at 139.2 million dirhams. The bank attributed this growth to a 58% increase in total operating income, which reached 245.4 million dirhams compared to 155.5 million dirhams in 2023. Additionally, the bank recorded net profits before tax of 188 million dirhams, representing a 35% increase from the previous year.
The rise in profitability was also supported by a 31% increase in investment profits, which amounted to 44.8 million dirhams during the first quarter of 2024. The bank’s total assets stood at approximately 14.8 billion dirhams at the end of the quarter, with customer deposits amounting to around 8.85 billion dirhams and net loans and advances reaching around 6.77 billion dirhams, maintaining a deposits-to-net lending ratio of approximately 131%.
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In summary, The National Bank of Umm Al Quwain experienced significant growth during the first quarter of
