In the first quarter of 2024, United Arab Bank reported a net profit of 68 million dirhams, a 25% increase from the previous year. 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. Return on shareholders’ equity improved to 15.4% from 14.7%.
The Chairman of the Board of Directors, Sheikh Mohammed bin Faisal bin Sultan Al Qasimi, expressed satisfaction with the positive results and 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%. Non-performing loan ratio decreased to 4.8% with an improved coverage ratio of 127%.
Efforts will focus on developing innovative products and services while maintaining compliance and internal controls standards under the leadership of CEO Shreesh Bedi. The success of these initiatives will be crucial in realizing the bank’s vision for future growth.
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