United Arab Bank (UAB) swung back into the black in 2017 with net profit of Dh17 million as compared to Dh522.6 million loss in the previous year.
The bank's restructuring plan helped it swing into profitability as it deleveraged higher risk non-core portfolios and cut costs.
"We have substantially strengthened our balance sheet, focused on our core activities, de-risked the business and captured material cost savings," said Sheikh Faisal bin Sultan bin Salem Al Qassimi, chairman, UAB.
Its total income fell to Dh677 million in 2017 from Dh861 million in 2016. The bank's provisions for credit losses of Dh289 million represent a healthy reduction of 71 per cent compared to 2016.
