United Arab Bank

United Arab Bank (UAB) reported a 12% increase in pre-tax net profit for the first nine months of 2024, reaching AED 233 million compared to the same period last year. The bank's total assets grew by 13% to AED 20 billion, driven by a 15% increase in loans, advances, and Islamic financing. Net interest income rose by 20% year-on-year to AED 354 million. UAB maintained a strong capital position with a CET1 ratio of 13.8% and a total capital adequacy ratio of 18.8%. Asset quality improved with a reduction in the non-performing loan ratio to 4.1% and an increase in the coverage ratio to 125%. The bank's liquidity profile remained robust, with an advances to stable resources ratio of 74% and an eligible liquid asset ratio of 15%. Moody's upgraded UAB's credit rating to Baa3/P-3 with a 'Positive' outlook.

United Arab Bank P.J.S.C. has released a review report and condensed interim financial statements for the nine-month period ending on September 30, 2024.

United Arab Bank (UAB) reported financial results for the first nine months of 2024, showing a 12% year-on-year increase in net profit before taxes, reaching AED 233 million compared to AED 209 million in the same period in 2023. Profit after taxes rose by 2% year-on-year to AED 212 million. For the third quarter of 2024, net profit before taxes was AED 81 million, a 5% sequential increase. Net interest income grew by 20% year-on-year to AED 354 million, contributing to a total income of AED 452 million, up 1% year-on-year. The bank reported a net reversal in impairment charges of AED 5 million, contrasting with net impairment charges of AED 27 million in the previous year. The annualized return on shareholders' equity was 15.1% for the period.

United Arab Bank P.J.S.C. has released its review report and condensed interim financial statements for the six-month period ending on June 30, 2024.

Resolution No. 442 of 2024 temporarily suspends trading of United Arab Bank (UAB) shares on the Abu Dhabi Securities Exchange (ADX) from 12:00 on July 25, 2024, until ADX receives the results of the UAB Board of Directors meeting scheduled for the same time. The resolution mandates that all relevant ADX department heads execute the suspension and that the resolution be communicated to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and all accredited brokers. The resolution has been approved by the authorized person and was issued on July 25, 2024.