Abu Dhabi: The United Arab Bank (UAB) achieved net profits after tax amounting to AED 301 million in 2024, up 18% year-on-year (YoY) from AED 255 million, according to the financial results.

Total income recorded an annual increase of 5% to AED 606 million at the end of December 2024, compared to AED 576 million.

The total assets surged by 22% YoY to AED 21.50 billion in 2024 from AED 17.60 billion, while the customer deposits jumped by 33% to AED 13.60 billion from AED 10.20 billion.

Financials for Q4

During the fourth quarter (Q4) of 2024, the UAE-based lender posted a 92% YoY surge in net profit to AED 89 million, compared to AED 46 million.

The total income climbed by 19% YoY to AED 154 million in October-December 2024 from AED 130 million.

Quarterly, the net profits in Q4-24 hiked by 20% from AED 74 million in Q3-24, while the total income grew by 1% from AED 152 million.

Shirish Bhide, CEO of UAB, commented: “The upgrade of UAB's deposit ratings to ‘Baa3’ with a continued ‘Positive’ outlook by Moody's is a testament to our sound financial management and tireless efforts towards strengthening the bank's financial position.”

 

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