Abu Dhabi, UAE — United Arab Bank (UAB) announced a net profit of AED255 million ($69 million) for the year 2023, compared to a net profit of AED155 million in 2022, an increase of 65 percent.
The growth in net profit results from improved operating performance and lower expected credit losses, coupled with disciplined cost management, the bank said.
UAB’s financial performance was aided by significant progress across the core businesses with total operating income recording a 15 percent growth in FY 2023 as compared to FY 2022 and is expected to improve further with new portfolio underwritings in quality assets, it added.
Total assets grew 25 percent year-on-year in FY 2023 to AED17.6 billion, driven by the strong growth in loans, advances, and Islamic financing (23 percent year-on-year) and the investment portfolio (31 percent YoY).
Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors at UAB, said, “I am delighted to announce that we have recorded another year of remarkable growth in net profits, driven by relentless and disciplined execution of the new strategy.”