Umm Al Quwain National Bank experienced a substantial increase in profits during the first quarter of 2024, with profits reaching 175.7 million dirhams, marking a 26% rise 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.
Additionally, the bank recorded net profits before tax of 188 million dirhams, a significant increase from the previous year by 35%. This was also supported by a 31% rise in investment profits that reached an impressive figure of 44.8 million dirhams.
At the end of the quarter, the bank’s total assets stood at an impressive amount of 14.8 billion dirhams, with customer deposits amounting to around 8.85 billion dirhams and net loans and advances reaching approximately six and half billion dirhams, maintaining a deposits to net lending ratio of about one hundred and thirty-one percent.
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Overall, the Umm Al Quwain National Bank has experienced significant growth during the first quarter of 2024 due to its solid financial performance and strategic investments.