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National Bank of Umm Al Quwain’s (NBQ) reported a 26% y-o-y increase in its net income after tax in 1Q 2024 to AED 176 mn, according to the bank’s earnings presentation (pdf). The lender’s net interest income rose 27% y-o-y during the quarter to AED 176 mn.
Driving the growth: The bank attributed the performance to a “steady increase in operating income and improvement in operational efficiency.” NBQ also cited its cost optimization strategies as drivers of its income growth.
