UAB posts 111% rise in net profit

sharjah — United Arab Bank (UAB) has reported a net profit of Dh105 million for the nine months to September 30, 2018, representing an uplift of 111 per cent compared with the same period last year, primarily driven by a growth in core income and reduction in provision charges following a transition to a lower risk business model.

Total income for the nine months was recorded at Dh501 million, with income generated from core businesses showing an uplift of two per cent over the third quarter of 2017. Operating expenses for the nine months were Dh246 million, representing a four per cent reduction against the third quarter of 2017 as the bank continues to capture the benefits of the comprehensive review and subsequent overhaul of its cost base.

Sheikh Faisal bin Sultan bin Salem Al Qassimi, chairman of the Board of Directors, said: “The board is pleased to see the improved operating performance continue into the third quarter, demonstrating the strength of our core business. Our low risk and efficient UAE focused business model, positions us well to continue doing the right thing for our customers and deliver sustainable returns for our shareholders.”

Our low risk and efficient UAE focused business model positions us well to continue doing the right thing for our customers

Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman, Board of Directors, UAB