The UAE-based Al Ansari Financial Services has seen its profit grow by 7.2% year-on-year (yoy) to 133 million UAE dirhams($36.2 million) in its first set of financial results post IPO and said it plans to add branches in its home market.

Operating income grew by 9.1% to AED 287 million, while total assets grew to AED 2.982 billion from AED 2.763 billion yoy, according to a regulatory filing on Dubai Financial Market (DFM).

The company, which operates bank notes in the form of the sale of retail and wholesale foreign currency exchange services, cross-border payment solutions and wage protection systems through corporate payroll operations, said it had seen “remarkable growth”.

Rashed Ali Al Ansari, Group CEO, said the company will look to strengthen its position in the home market within the remittance and banknotes market by increasing the number of physical branches.

For the quarter, the bank notes business was buoyed by the increase in number of tourists coming to the UAE, with Dubai alone receiving 4.67 million international visitors in the first quarter of 2023.