Beta Launch Saturday, 24 August 2019
Global Dow 3.79
2,835.68 0.13%
27 August 08:59 PM
S&P 500 4.08
2,443.05 0.17%
25 August 05:03 PM
EGX 23.25
12,949.65 0.18%
27 August 12:00 AM
TDWL -20.48
7,225.18 -0.28%
27 August 12:00 AM
DFM -21.94
3,602.55 -0.61%
27 August 12:00 AM
ADX -13.82
4,479.99 -0.31%
27 August 12:00 AM

UAB reports H1 net profit

United Arab Bank, UAB, has announced its financial results for the period ended 30th June 2019, reporting a net profit of AED36 million in H1 2019.

According to a statement, total income recorded was AED282 million, supported by an increase in interest income of six percent in H1 2019 compared to the same period in 2018.

The bank’s liquidity profile remains strong as evidenced by a robust Loan to Deposit Ratio of 93 percent. Customer deposits (being 76 percent of total liabilities) have and will continue to represent the bank’s key source of funds, the statement added. 

The bank’s provisions for credit losses of AED88 million represent a healthy reduction of five percent compared to H1 2018 supported by prudent risk management and focused efforts to maintain adequate coverage. 

Commenting on the financial results, Sheikh Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of UAB, said, "In H1 2019, the bank showed consistent performance and sustainability in the development of its operations and improving the quality of its offerings, which resulted in boosting the H1 net profit. The bank is moving ahead according to a well-thought-out strategy that supports growth and shareholders' expectations. 

"We are confidently looking forward to the future and continuously developing and improving our business model and activities in line with our customer base and sustainable growth strategy in the UAE." 

In turn, Ahmad Abu Eideh, CEO of UAB, commented, "These positive results do also motivate us to work harder towards ensuring the satisfaction of our customers and shareholders. In the coming period, we will pursue our ambitious vision and invest in modern technology to more effectively manage our resources and reduce risk, thereby enhancing our net profit and our customers' confidence in the quality of our assets and services."

 

RECOMMENDED

COMMENTS

There are no comments yet

LEAVE A COMMENT

Share with

My Account

Forgot password?

Create An Account

Forgot password?

Restore password

Subscribe to read
Already subscribed? Click here

For a limited time!
12 Months = 15 Months
24 Months = 32 Months
(Included Postal Fees worldwide)

Read, Explore Opportunities
Be connected with Business, Investment, Finance, Stock Exchange, Currencies, Development and International Cooperation

3 Months

18 USD / 60 AED

English Edition

Subscribe

3 Months

18 USD / 60 AED

Arabic Edition

Subscribe

3 Months

29.9 USD / 99 AED

Both Editions

Subscribe

6 Months

36 USD / 120 AED

English Edition

Subscribe

6 Months

36 USD / 120 AED

Arabic Edition

Subscribe

6 Months

59.9 USD / 199 AED

Both Editions

Subscribe

12 Months

72 USD / 240 AED

English Edition
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

12 Months

72 USD / 240 AED

Arabic Edition
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

12 Months

122 USD / 408 AED

Both Editions
Good Deal! 
(15 Months instead of 12 Months)

Subscribe

24 Months

144 USD / 480 AED

English Edition
Amazing Deal!
(32 Months instead of 24 Months)

Subscribe

24 Months

144 USD / 480 AED

Arabic Edition
Amazing deal!
(32 Months instead of 24 Months)

Subscribe

24 Months

240 USD / 799 AED

Both Editions
Amazing deal!
(32 Months instead of 24 Months)

Subscribe
* Terms and conditions apply.