United Arab Bank pre-tax net profit up by 26% in H1 2024

The United Arab Bank (UAB) has announced its financial results for the six months ended 30th June 2024. UAB posted a net profit after tax of AED 139 million for the first half of 2024 compared to net profit of AED 121 million for the same period last year, representing a year-on-year (YoY) increase of 15 percent.

Total income was higher by 10 percent YoY at AED 300 million. The growth in net profit is a result of a significant growth in the Bank’s total assets with an increase of 12 percent compared to December 2023 and also as an outcome to the farsighted approach followed in risk management. The Balance Sheet has been significantly strengthened with focus on quality.

These results provide further evidence that the Bank is well positioned and is set to continue on its growth journey.

Commenting on the Bank’s performance, Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, said, “UAB’s strong performance in the first half of 2024 reflects the successful implementation of our growth strategy and reinforces our commitment to delivering sustainable value to our shareholders. 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, Chief Executive Officer of United Arab Bank, commented, “Our customer-centric approach and sustainable growth model has led to a 15 percent increase in net profit and a 12 percent growth in total assets. Our positive performance is a testament to the successful execution of our strategic priorities and a clear evidence of the success of the many initiatives that have been implemented at the Bank. Going forward, we will continue investing in our growth strategy and digital capabilities, while equally focusing on developing innovative products and services that meet our customers aspirations whilst upholding the highest standards of compliance and internal controls.”