UAB’s H1-24 net profits jump 15%

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The United Arab Bank (UAB) posted a net profit after tax amounting to AED 139 million in the first half (H1) of 2024, up 15% from AED 121 million in H1-23.

Total income was higher by 10% year-on-year (YoY) at AED 300 million in the six-month period that ended on 30 June 2024, according to a press release.

The higher net profits were due to a growth in the bank’s total assets with an increase of 12% compared to December 2023 and also as an outcome of the farsighted approach followed in risk management.

Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of UAB, said: “We are confident that our prudent business model shall continue to deliver a solid performance and deal with the opportunities and challenges that will present themselves.”

He added: “As we move ahead into the second half of the year, we remain committed to enhancing our customers’ banking experience and contributing to the growth and prosperity of the UAE’s economy.’’

Shirish Bhide, CEO of UAB, commented: “Our customer-centric approach and sustainable growth model has led to a 15% increase in net profit and a 12% growth in total assets.”

In the first quarter (Q1) of 2024, UAB recorded 25% YoY higher net profits after tax at AED 68.24 million, versus AED 54.75 million.