Umm Al Quwain’s National Bank reported a 26% increase in profits for the first quarter of 2024, reaching a record 175.7 million dirhams, compared to 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.
The bank also saw a significant increase in investment profits by 31%, reaching 44.8 million dirhams compared to 34.1 million dirhams in the first quarter of 2023. Despite this, the bank’s total assets remained relatively stable at 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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