Abu Dhabi – Mubasher: The United Arab Bank (UAB) achieved net profits standing at AED 209.02 million in the first nine months (9M) of 2023, an annual leap of 76% from AED 119.06 million.
Total operating income climbed by 27% year-on-year (YoY) to AED 446.81 million as of 30 September 2023 from AED 350.96 million, according to the interim financial statements.
Basic and diluted earnings per share (EPS) increased to AED 0.10 in January-September 2023 from AED 0.06 a year earlier.
Total assets went up to AED 14.73 billion in 9M-23 from AED 14.08 billion as of 31 December 2022, while the customer deposits jumped to AED 9.17 billion from AED 8.56 billion.
Financial Statements for Q3-23
In the third quarter (Q3) of 2023, the net profits amounted to AED 88.49 million, up from AED 35.79 million during the same period in 2022.
The operating income surged by 61% to AED 174.23 million in Q3-23 from AED 108.24 million in Q3-22, while the basic and diluted EPS grew to AED 0.04 from AED 0.02.
Faisal bin Sultan bin Salem Al Qassimi, Chairman of 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,” Al Qassimi continued.
Shirish Bhide, CEO of UAB, indicated: “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.”
“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,” Bhide noted.
In the first half (H1) of 2023, UAB recorded a 45% surge in net profit to AED 120.52 million, compared to AED 83.27 million in H1-22.
