UAE .. Umm Al Quwain Bank shares increases 0.90% after announcing annual financial results

Umm Al -Quwain National Bank, which is included and traded in the Abu Dhabi Financial Market, rose by 0.90% during Sunday’s trading, to circulate at the price of 2.25 dirhams per share, after announcing the annual financial results.

13.5 thousand shares of Umm Al Quwain National Bank were traded at that time, with a value of trading 30.38 thousand dirhams.

The stock price witnessed a remarkable increase after Umm Al Quwain National Bank announced that he achieved net profits after tax deduction of 506.03 million dirhams for the fiscal year ending December 31, 2024, compared to net profits of 502.6 million dirhams in 2023.

According to the statement issued by the bank, the net profits before taxes reached 550.78 million dirhams for the year ending on December 31, 2024, recording a 10% growth compared to the profits of 2023, which was 502.61 million dirhams. The bank also suggested distributing cash profits by 15%.

The total revenue for the year ended on December 31, 2024, approximately 1.019 billion dirhams, while operating income for the same year reached 655.45 million dirhams, and the bank was distinguished by high operational efficiency, as the cost to income reached 21.53%, which reflects effective and tight management.

The bank also maintained a high level of liquidity, as the percentage of qualified liquid assets reached 22.47% by December 2024. In addition, the bank has strong rates of capital adequacy, as the percentage of the first part of the capital reached 36.70%, and the percentage of capital adequacy The total 35.57%, as of December 31, 2024.

By following a balanced approach that takes into account the balance between growth and profitability, the total assets reached 17.88 billion dirhams until the date of December 31, 2024. The value of the loans and predecessors granted to customers reached 7.78 billion dirhams, while the value of customer deposits reached 11.41 billion dirhams, in addition, the value of The rights of shareholders 5.99 billion dirhams until the same date.