Abu Dhabi November 10 2022: United Arab Bank (UAB) announced its financial results for the nine months ending 30th September, 2022.
UAB posted a net profit of AED119 million for the first nine months in 2022 as compared to Net Profit of AED45 million for the first nine months in 2021 representing a year-on-year increase of 166 percent.
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.
UAB’s financial performance was aided by significant progress within “core” businesses, recording a seven percent increase in operating profit compared to the first nine months in 2021. Total Income increased by four percent comparing to the same period in 2021.
The balance sheet has been significantly strengthened with focus on quality assets which resulted in recording 57 percent reduction in provisions compared to the first nine months in 2021. These results provide further evidence that the Bank is well positioned to set sail on its growth journey.
Commenting on the bank’s financial results, Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors, UAB, said, “We are pleased with the financial performance of the bank for the first nine months of 2022. The bank is moving ahead according to a well-thought-out strategy that supports growth and shareholders’ expectations. We are confidently looking forward to the future and continuously developing our business model and activities in line with our sustainable growth strategy in the UAE.”
