Sharjah

The United Arab Bank has reported net profits of Dh105 million for the nine months ending September, a lift of 111 per cent compared to the same period last year. This was primarily driven by growth in core income and a reduction in provision charges following a transition to a lower risk business model. Total income for the nine months was Dh501 million, with income generated from core businesses up 2 per cent over Q3-2017. Operating expenses were at Dh246 million, a 4 per cent dip year-on-year as the bank derives benefits from the subsequent overhaul of its cost base. Provision for credit losses were Dh150 million, which is 29 per cent lower. (WAM)