Abu Dhabi – Mubasher: The United Arab Bank (UAB) logged net profits after tax worth AED 68.24 million during the first quarter (Q1) of 2024, marking an annual rise of 25% from AED 54.75 million.
Earnings per share rose to AED 0.03 per share as of 31 March 2024, compared to AED 0.02 in Q1-23, according to the income statements.
Total income increased by 33% year-on-year (YoY) to AED 163.45 million in Q1-24, compared to AED 122.70 million. The higher value was driven by a 44%YoY leap in net interest income.
Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of UAB, said: “The bank’s total assets recorded AED 17.90 billion as of Q1-24, with net loans, advances and Islamic financing increasing by 2% and customer deposits increasing by 4% during the quarter.”
“Moreover, asset quality metrics improved further with NPL ratio reduced to 4.80%, whilst coverage improved to 127%, compared to 7.80% and 102%, respectively, in Q1-23,” Al Qassimi highlighted.
Shirish Bhide, CEO of UAB, commented: “We will pursue our ambitious vision relentlessly and accelerate the pace of investments in our growth strategy with a focus on developing innovative products and services that meet all customer aspirations whilst upholding the highest standards of compliance and internal controls.”
In the 12-month period that ended on 31 December 2023, the net profits of UAB climbed to AED 255.30 million from AED 154.72 million in 2022.
