The National Bank of Umm Al Quwain experienced a 26% increase in profits, reaching 175.7 million dirhams in the first quarter of 2024. This is compared to the profits of 139.2 million dirhams achieved during the same period in 2023. The bank attributes this increase to a rise in total operating income by 58%, reaching 245.4 million dirhams, compared to 155.5 million dirhams in 2023. Additionally, net profits before tax in the first quarter reached 188 million dirhams, a 35% increase from the same period in 2023.
The record profitability is also attributed to a 31% increase in investment profits, reaching 44.8 million dirhams compared to 34.1 million dirhams in the first quarter of 2023. The bank’s total assets amounted to
