Abu Dhabi – Mubasher: The net profits of United Arab Bank (UAB) hiked by 80% to AED 54.75 million in the first quarter (Q1) of 2023 from AED 30.38 million in Q1-22.
The lender posted a total operating income amounting to AED 122.70 million in the January-March 2023 period, an annual rise from AED 116.85 million, according to the interim financial results.
Basic and diluted earnings per share (EPS) hit AED 0.03 in the first three months (3M) of 2023, up from AED 0.02 in the year-ago period.
The total assets enlarged to AED 14.42 billion in Q1-23 from AED 14.08 billion as of 31 December 2022, while the clients’ deposits plummeted to AED 8.33 billion from AED 8.56 billion.
Faisal bin Sultan bin Salem Al Qassimi, Chairman of UAB, said: “We are pleased with the positive results for Q1-23, which reflect the successful execution of the bank's strategy to strengthen its core businesses, manage its resources effectively, and follow a prudent approach to reduce risks.”
Shirish Bhide, CEO of UAB, highlighted: “UAB remains on track to achieve its strategic and financial objectives over the medium term and is now capable of dynamically adapting itself to the ever-changing environment thanks to a more resilient balance sheet, strong liquidity, and earnings momentum."
Accumulated Losses
The ADX-listed lender reported accumulated losses valued at AED 438.05 million as of 31 March 2023, equivalent to 21.10% of the AED 2.06 billion capital.
Last year, UAB registered a net profit worth AED 154.72 million, a 120% leap from AED 70.19 million in 2021.
