Tue 24-10-2023 22:33 PM
SHARJAH, 24th October, 2023 (WAM) – United Arab Bank P.J.S.C (“UAB” or “the Bank”) announces its Financial Results for the nine months ended 30th September 2023.
UAB posted a Net Profit of AED 209 million for the first nine months in 2022 as compared to Net Profit of AED 119 million for the first nine months in 2021 representing a year-on-year increase of 76%.
The growth in net profit is a result of improved operating performance and lower expected credit losses and a prudent approach to risk management which resulted in lower cost of risk.
Total income was higher by 16% qoq and 61% yoy to AED174 million.
The Balance Sheet has been significantly strengthened with focus on quality assets which resulted in recording 43% reduction in Provisions compared to the first nine months in 2022.
These results provide further evidence that the Bank is well positioned to set sail on its growth journey.
Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors, UAB, said: “The bank continues to deliver a strong performance, clinically executing its well-thought-out strategy, supporting growth and shareholders’ expectations. We remain confident in taking advantage of the opportunities ahead of us, as we continuously develop our business model and activities in line with our sustainable growth strategy in the UAE.”
Shirish Bhide, Chief Executive Officer of UAB, commented: “The bank has performed consistently through the year, recording double-digit growth in profits every quarter in 2023. These results reflect the successful execution of our strategy to strengthen the core businesses, manage our resources effectively, while adhering to our prudent approach towards risk management. The affirmation of our credit ratings by, both, Fitch and Moody’s and the latter’s upgrade of the outlook to positive, is a clear testament of the progress the bank has made over the past year in addressing the legacy concerns”.
He continued, “The bank is well positioned to continue capitalizing on the growth momentum experienced over the last several quarters, albeit maintaining a cautious outlook in view of the ‘higher for longer’ expectations on interest rates and relatively slower growth ahead”.