In the first quarter of 2024, United Arab Bank reported a net profit of 68 million dirhams, an impressive 25% increase from the previous year. The bank’s total income also rose by 33%, reaching a record-breaking 163 million dirhams.
Before-tax profits amounted to 75 million dirhams, representing a significant 37% increase compared to the same period in the previous year. Return on shareholders’ equity improved to 15.4%, up from 14.7%.
Sheikh Mohammed bin Faisal bin Sultan Al Qasimi, Chairman of the Board of Directors, expressed his satisfaction with these positive results and attributed them to the bank’s strategic growth and risk management. The bank’s total assets reached an impressive 17.9 billion dirhams during this period, with net loans and advances increasing by just two percent while customer deposits grew by four percent.
The non-performing loan ratio decreased to an impressive level of just four percent during this period, with an improved coverage ratio of a robust 127%. This reflects the bank’s commitment to managing its risks effectively and maintaining its financial health.
In addition to these achievements, Shreesh Bedi, CEO of United Arab Bank, highlighted the success of several initiatives that have helped drive the bank’s growth and profitability. The bank has been focusing on developing innovative products and services while maintaining compliance and internal controls standards. These efforts have helped it maintain its competitive edge in the marketplace and continue delivering value for its customers and stakeholders alike.