UAB banks on positive economic sentiments in UAE

UAB banks on positive economic sentiments in UAE

United Arab Bank (UAB) sees a bright outlook for the UAE banking industry and is confident of sustaining strong profit growth this year due to its prudent approach to risk management and disciplined cost control, its top official says.

Shirish Bhide, chief executive officer of UAB, attributed strong growth in first-half profits to the UAE government’s policies to contain the Covid-19 pandemic, Central Bank's targeted economic support scheme (TESS) to boost liquidity in banking sector and UAB's customer-centric approach after key changes in the bank's management.

“The UAE is the best country in the world in terms of managing the pandemic as they’ve taken all the proactive steps to stabilise the economy. The central bank's TESS program that ended in June this year also ensured macroeconomic stability in the banking sector and it supported the clients and their businesses,” Shirish said in an interview.

The UAE introduced an economic stimulus package worth Dh388 billion as the Covid19 pandemic tipped the world economy into its worst recession since 1930. These stimulus plans include Dh50 billion under the TESS programme to boost liquidity in the financial and banking sector.

“Most banks in the UAE were able to take advantage of the government's supportive measures as there