United Arab Bank announced a net profit of 68 million dirhams in the first quarter, a 25% increase from the previous year. Total income also rose by 33% to reach 163 million dirhams. Before-tax net profits were reported at 75 million dirhams, showing a 37% increase from the same period last year. The bank’s return on shareholders’ equity improved to 15.4% compared to 14.7% in the first quarter of 2023.
Sheikh Mohammed bin Faisal bin Sultan Al Qasimi, Chairman of the Board of Directors, expressed satisfaction with the positive results, highlighting the bank’s successful strategy implementation. Total assets reached 17.9 billion dirhams, with an increase in net loans, advances, and customer deposits. Asset quality also improved, with a decrease in non-performing loans and an increase in the coverage ratio.
The growth in net profit was fueled by a significant improvement in total assets, cost management, risk management, and balance sheet strength. CEO Shreesh Bedi emphasized the success of the bank’s initiatives and commitment to customer satisfaction, compliance, and internal controls.
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