Abu Dhabi – Mubasher: The United Arab Bank (UAB) posted 45% year-on-year (YoY) higher net profits at AED 120.52 million during the first half (H1) of 2023, compared to AED 83.27 million.
Basic and diluted earnings per share (EPS) increased to AED 0.06 in H1-23 from AED 0.04 in H1-22, according to the consolidated interim income statements.
During the first six months (6M) of 2023, the bank registered interest income worth AED 400.18 million, an annual hike from AED 214.94 million.
Total assets reached AED 14.44 billion as of 30 June 2023, while the customers’ deposits hit AED 8.41 billion.
Financial Results for Q2-23
The UAE lender generated net profits valued at AED 65.77 million in the second quarter (Q2) of 2023, compared to AED 52.88 million in the year-ago period.
Interest income climbed to AED 209.39 million in Q2-23 from AED 114.35 million in Q2-22, while the basic and diluted EPS remained unchanged at AED 0.03.
Shirish Bhide, CEO of UAB, commented: “The growth in the bank's net profit during 6M-23 reflects strong performance across all lines of the businesses. With these set of results, we have now laid a firm and sustainable growth trajectory for UAB that tracks our short and medium-term strategic goals.”
Bhide added: “We will continue to strengthen and deepen our existing client relationships and carefully expand our client base in all the business segments too, in line with our risk appetite.”
“We strongly believe in the continuous adoption of technology to make banking simpler and convenient and this ethos remains at the heart of every product and service proposition of ours,” he concluded.
During the January-March 2023 period, the ADX-listed bank logged net profits valued at AED 54.75 million, higher by 80% YoY than AED 30.38 million.
