UAB records $22.49mln net profit for H1

UAB records $22.49mln net profit for H1

UAE - United Arab Bank (UAB) on Thursday posted a net profit of Dh83.3 million for first half of 2022 as compared to Dh26.9 million in the same period last year, representing a year-on-year increase of 209 per cent.

The growth in net profit is a result of improved operating performance and lower expected credit losses, coupled with disciplined cost control and a prudent approach to risk management which resulted in lower cost of risk.

The UAB’s financial performance was aided by a significant progress within the ‘core’ businesses recording a nine per cent increase in operating profit compared to first half of 2021. Total Income increased by three per cent whilst operating expenses continue to be robustly managed and recorded a reduction of three per cent comparing to same period in 2021.

The bank’s balance sheet has been significantly strengthened with a focus on quality assets which resulted in recording 52 per cent reduction in provisions compared to the first half of 2021. These results provide further evidence that the bank is well positioned to set sail on its growth journey.

Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the board of directors of UAB, said the bank continues to strengthen