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