During the first quarter of 2024, the National Bank of Umm Al Quwain experienced a remarkable increase in profits. Profits reached 175.7 million dirhams, representing a 26% rise compared to the same period in 2023 when profits were at 139.2 million dirhams. The bank attributed this growth to a 58% increase in total operating income, which amounted to 245.4 million dirhams compared to 155.5 million dirhams in 2023. Additionally, the bank recorded net profits before tax of 188 million dirhams, marking a 35% increase from the previous year.
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Furthermore, the bank’s total assets stood at 14.8 billion dirhams at the end of the quarter, 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 131%. This indicates that the bank has been growing steadily and has been successful in attracting new customers while keeping existing ones satisfied.
Overall, it is evident that the National Bank of Umm Al Quwain has experienced significant growth during the first quarter of 2024 due to its sound financial management practices and its ability to adapt to changing market conditions.