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Emirates Islamic reported a record profit of AED 811 million ($220.7 million) for Q1 2024, a 35% increase year-on-year. The bank's total income grew by 19%, driven by higher funded and non-funded income streams. Operating expenses increased by 1% as the bank invested in future growth. Impairment allowances decreased by 56% and operating profit grew by 28%. The bank's total assets increased by 8% to AED 95.0 billion, customer financing increased by 6% to AED 57.0 billion, and customer deposits increased by 9% to AED 66.7 billion. The bank's non-performing financing ratio improved to 5.8% and its capital adequacy ratio reflected a strong capital position at 19.9%.

The Ras Al Khaimah National Insurance Company P.S.C. has released its unaudited condensed interim financial information for the three-month period ending on 31 March 2024.

Response Plus Medical (RPM), a UAE-based provider of pre-hospital care and emergency medical services, has finalized its acquisition of UK-based Prometheus Medical, a former division of US-based Safeguard Medical. The acquisition is part of RPM's global expansion strategy and aims to enhance its service offerings and geographical reach. Prometheus Medical will continue to operate independently within RPM's portfolio and will be rebranded as Prometheus Medical International in the UK and Nordic region. RPM plans to expand into these regions and offer medical training services, VIP concierge medical services, and specialized medical training. Additionally, RPM now has the distribution rights for Safeguard Medical’s trauma care and simulation kits in the GCC and India.

United Arab Bank (UAB) has reported its financial results for Q1 2024, showing a net profit before tax of AED 75 million, up 37% from Q1 2023. The net profit after tax was AED 68 million, a 25% increase from the same period in the previous year. Earnings per share rose to AED 0.033 per share in Q1 2024 from AED 0.027 in Q1 2023. The bank also reported a 33% increase in total income to AED 163 million, driven by a 44% increase in net interest income. The bank's expense management has improved, with the cost-income ratio reducing to 48% from 53% in the prior year. The bank's capital position and liquidity profile remain strong, and its credit ratings have been affirmed by Fitch and Moody’s.

United Arab Bank (UAB) has reported its financial results for Q1 2024, showing a net profit of AED 68 million, a 25% increase year-on-year (YoY) and a 47% sequential increase. The bank's net profit before tax was AED 75 million, up 37% YoY. The total income rose by 33% YoY to AED 163 million, due to higher net interest income, which increased by 44% YoY. UAB's total assets reached AED 17.9 billion, with a 2% increase in net loans and advances and a 4% increase in customer deposits during the quarter. The bank's asset quality metrics also improved, with a reduction in the NPL ratio to 4.8% and an improved coverage of 127%. The bank's capital position remains strong, with a CET1 of 13.1% and a total CAR of 18.4%. UAB's credit ratings were affirmed by Fitch and Moody's, with a 'Stable' and 'Positive' outlook, respectively.