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UAB posts $32.39 million net profit

Over the past several years, United Arab Bank has made steady progress.
By TRENDS Desk
November 9, 2022 8:51 pm
  • In a statement, the bank said the growth in net profit is a result of improved operating performance and lower expected credit losses.
  • The bank returned to profitability due to the execution of an effective strategy, said Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors UAB.

Dubai, UAE—United Arab Bank (UAB) has announced a net profit of AED119 million ($32.39 million) for the nine-month period ended September 30, an increase of 166 per cent over the corresponding period of 2021.

In a statement, the bank said the growth in net profit is a result of improved operating performance and lower expected credit losses.

There was a 4 percent growth in total operating income in the third quarter, compared to the same period last year.

Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors UAB, said, “We are pleased with the financial performance of the bank for the first nine months of 2022. The bank returned to profitability due to the execution of an effective strategy.”

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