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United Arab Bank first-quarter net profit surges 25% to Dh68 million
The bank’s liquidity profile remains strong as evidenced by an advances to stable resources ratio of 76% and an eligible liquid asset ratio of 16%, both comfortably above regulatory thresholds
The bank’s total assets recorded Dh17.9 billion as of Q1 2024, with net loans, advances and Islamic financing increasing by two per cent and customer deposits increasing by four per cent during the quarter.
United Arab Bank (UAB) has announced its financial results for the three months ended March 31, 2024.
UAB posted a net profit after tax of Dh68 million for the first three months in 2024 as compared to net profit of Dh55 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 at Dh163 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 UAB, 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 Dh17.9 billion as of Q1 2024, with net loans, advances and Islamic financing increasing by two per cent and customer deposits increasing by four 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.”
Sheikh Mohammed added: “Our objectives and vision for UAB are aligned with the UAE leadership’s vision, growth plans and ambitions for the country. Moreover, we are well poised to take advantage of the robust foundation and the favorable macroeconomic trends as we continue to expedite measured actions for considerable growth.”
Shirish Bhide, Chief Executive Officer of UAB, commented: “The growth in total net revenues and profits in the first quarter of 2024 is clear evidence of the success of the many initiatives that have been implemented at UAB. We will pursue our ambitious vision relentlessly and accelerate the pace of investments in our growth strategy with a focus on developing innovative products and services that meet all customer aspirations whilst upholding the highest standards of compliance and internal controls.”
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