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 increase in profits to a 58% increase in total operating income, which reached 245.4 million dirhams compared to 155.5 million dirhams in 2023. Furthermore, the bank recorded net profits before tax of 188 million dirhams, an impressive 35% increase from the previous year.
The National Bank of Umm Al Quwain also saw a rise in investment profits by a significant 31%, reaching 44.8 million dirhams during the first quarter of 2024. At the end of the quarter, the bank’s total assets stood at an impressive 14.8 billion dirhams, with customer deposits amounting to approximately 8.85 billion dirhams and net loans and advances reaching about 6.77 billion dirhams while maintaining a deposits to net lending ratio of around 131%.
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Overall, it is evident that the National Bank of Umm Al Quwain has experienced tremendous growth during the first quarter of