UAB Reports 25% Increase in Net Profit for Q1 2024: Achievements Attributed to Strategic Growth, Risk Management
The United Arab Bank reported a 25% increase in net profit to 68 million dirhams in the first quarter of 2024. 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 bank’s Chairman of the Board of Directors, Sheikh Mohammed bin Faisal bin Sultan Al Qasimi, expressed his satisfaction with the positive results. He 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 2% and customer deposits by 4%. The non-performing loan ratio decreased to 4.8%, with an improved coverage ratio of 127%.
Total income for the first quarter of 2024 increased significantly, driven by a 44% rise in net interest income compared to the previous year. The growth in net profit was attributed to improvements in total assets, cost management, risk management, and balance sheet strengthening.
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.
