Dubai, UAE — United Arab Bank (UAB) reported a first-half net profit of 201 million dirhams ($54.7 million), supported by higher operating income, loan growth and strong asset quality despite global market volatility and regional geopolitical uncertainty.
The Sharjah-based lender said total operating income rose 13 percent year on year in the six months ended June 30, driven by disciplined execution of its strategy, asset growth and prudent risk management.
Total assets increased 16 percent to 28 billion dirhams ($7.62 billion). Loans, advances and Islamic financing rose 14 percent to 15.3 billion dirhams ($4.17 billion), while investments grew 25 percent to 8.3 billion dirhams ($2.26 billion). Customer deposits climbed 16 percent to 18.2 billion dirhams ($4.95 billion).
The bank’s non-performing loan ratio stood at 2.7 percent, with provision coverage of 101 percent. UAB reported an advances-to-stable-resources ratio of 73 percent, an eligible liquid asset ratio of 17 percent, a capital adequacy ratio of 21.1 percent and a Common Equity Tier 1 ratio of 17.2 percent, all above regulatory requirements.
Chairman Sheikh Mohammed bin Faisal bin Sultan Al Qassimi said the results reflected progress in the bank’s strategic transformation, including investments in capital, governance and digital capabilities, while Chief Executive Officer Shirish Bhide said the bank would continue expanding digital services, product offerings and strategic partnerships to support clients across the UAE.
