United Arab Bank net profit up 209% at Dh83.3m in first half of 2022
The bank’s total operating income grew 3 per cent during the period
United Arab Bank reported a net profit of Dh83.3 million for the six-month period ended June 30, 2022, an increase of 209 per cent over the corresponding period of 2021.
The growth in net profit is a result of improved operating performance and lower expected credit losses, coupled with disciplined cost control and a prudent approach to risk management which resulted in lower cost of risk, the bank said.
The bank’s total operating income grew 3 per cent in H1 2022 compared to the year-ago period, while operating expenses decreased by 3 per cent.
The lender’s balance sheet has been significantly strengthened with a focus on quality assets which resulted in recording a 52 per cent reduction in provisions compared to the first half of 2021.
Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors, said: “UAB continues to strengthen its core businesses, streamline the cost base, and maintain key banking fundamentals. 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.”