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