Abu Dhabi – Mubasher: United Arab Bank (UAB) has reported net profits of AED 44.74 million in the January-September period of 2021, versus net losses of AED 364.911 million in the same period of 2020, according to the bank's unaudited interim financials for the nine-month period ended 30 September 2021.
The bank's net interest income and income from Islamic products net of distribution to depositors decreased to AED 215.007 million in the first nine months of 2021 from AED 224.49 million in the year-ago period.
The bank's total assets declined to AED 14.266 billion as of 30 September 2021 from AED 14.849 billion as of 31 December 2020.
The basic and diluted earnings per share (EPS) settled at AED 0.02 in the first nine months of 2021, against losses per share of AED 0.18 in the corresponding period of the earlier year.
Meanwhile, the bank has incurred accumulated losses of AED 621.999 million as of the nine-month period ended 30 September 2021, representing 30% of the bank's capital.
The bank's CEO, Ahmad Abu Eideh, commented: "These positive results demonstrate the success of the Bank digital transformation strategy and are a testament to the efforts made by every member of our team and the exceptional work carried out in dealing with the challenges imposed by the Covid-19 pandemic."
It is noteworthy to mention that during the first half (H1) of 2021, the bank achieved net profits of AED 26.9 million, compared to net losses of AED 208.9 million in the same half of 2020.
