Abu Dhabi – Mubasher: The United Arab Bank (UAB) registered AED 212.25 million in net profit during the first nine months (9M) of 2024, compared to AED 209.02 million.
Earnings per share (EPS) maintained its value at AED 0.10 in 9M-24, according to the unaudited financial results.
The total operating income reached AED 452.12 million as of 30 September 2024, versus AED 446.81 million in 9M-23.
The assets hiked to AED 20.01 billion in 9M-24 from AED 17.64 billion as of 31 December 2023, while the customer deposits and Islamic customer deposits grew to AED 12.03 billion from AED 10.23 billion.
Income Results for Q3-24
During the third quarter (Q3) of 2024, UAB logged net profits valued at AED 73.74 million, lower than AED 88.49 million in Q3-23.
Total operating income dropped to AED 151.65 million in Q3-24 from AED 174.23 million in Q3-23, while the EPS remained unchanged at AED 0.04.
Shirish Bhide, CEO of UAB, said: "The recent upgrade in our credit rating by Moody’s highlights the improvement in our governance-related practices and risk-mitigating measures coupled with improved profitability metrics."
He added: “Going forward, we will continue to invest in innovation and digital capabilities that enhance customer experience, drive efficiency, and support our long-term growth objectives."
In the first half (H1) of 2024, UAB witnessed 15% higher net profits at AED 139 million, versus AED 121 million in H1-23.
