The National Bank of Umm Al Quwain experienced a remarkable increase in profits during the first quarter of 2024, with profits reaching 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 stood at 245.4 million dirhams in comparison to 155.5 million dirhams in 2023. Furthermore, the bank recorded net profits before tax of 188 million dirhams, a substantial increase from the previous year.

The surge in profitability was also supported by an impressive 31% rise in investment profits, which reached 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 amount of 14.8 billion dirhams, with customer deposits amounting to approximately