UAB’S net profit after tax at Dhs68 million for Q1, 2024

ABU DHBAI: United Arab Bank (UAB or ‘the Bank’) has announced its financial results for the three months ended March 31st 2024. UAB posted a net profit ater tax of Dhs68 million for the first three months in 2024 as compared to net profit of Dhs55 million for the first three months in 2023, representing a year-on-year increase of 25 per cent. Total income was higher by 33 per cent yoy at Dhs163 million.

The growth in net profit is a result of significant increase in the Bank’s total assets compared to corresponding reporting period and a prudent approach to risk management. The Balance Sheet has been significantly strengthened with focus on quality. These results provide further evidence that the Bank is well positioned to set sail on its growth journey.

Commenting on the Bank’s performance, Sheikh Mohammed Bin Faisal Bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said: “We are pleased with the positive results accomplished for Q1 of 2024, which reflects the Bank’s success in effectively delivering the set strategy that supports our growth and most importantly our shareholders’ expectations.

The Bank’s total assets recorded Dhs17.9 billion as of Q1 of 2024, with net loans, advances and Islamic financing increasing by 2 per cent and customer deposits increasing by 4 per cent during the quarter. Moreover, asset quality metrics improved further with NPL ratio reduced to 4.8 per cent, whilst coverage improved to 127 per cent, compared to 7.8 per cent and 102 per cent, respectively, in Q1 2023.”