United Arab Bank reported a net profit of 68 million dirhams in the first quarter, representing a 25% increase from the previous year. The bank’s total income also rose by 33%, reaching 163 million dirhams. Before-tax profits amounted to 75 million dirhams, representing a 37% increase compared to the first quarter of the previous year. The return on shareholders’ equity improved to 15.4% from 14.7%.
Sheikh Mohammed bin Faisal bin Sultan Al Qasimi, Chairman of the Board of Directors, expressed satisfaction with the positive results and attributed them to the bank’s strategic growth and risk management. Total assets reached 17.9 billion dirhams, with net loans and advances increasing by just 2% and customer deposits by only 4%. Non-performing loan ratio decreased to a very low level of 4.8% with an impressive coverage ratio of 127%.
The CEO, Shreesh Bedi, highlighted the success of the bank’s initiatives and commitment to realizing their vision. Efforts will focus on developing innovative products and services while maintaining compliance and internal controls standards.
