United Arab Bank's Pre-Tax Net Profit Climbs By 26% In H1 2024

The United Arab Bank (UAB) has reported its financial results for the first half of 2024, showing a net profit after tax of AED 139 million. This marks a 15 percent increase from the AED 121 million recorded during the same period last year.

Total income for UAB rose by 10 percent year-on-year, reaching AED 300 million. The bank's total assets also grew by 12 percent compared to December 2023, contributing significantly to the rise in net profit.

Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of UAB's Board of Directors, stated, "UAB’s strong performance in the first half of 2024 reflects the successful implementation of our growth strategy and reinforces our commitment to delivering sustainable value to our shareholders. We are confident that our prudent business model shall continue to deliver a solid performance and deal with the opportunities and challenges that will present themselves."

The bank attributes its success to a strategic focus on quality and risk management. This approach has significantly strengthened its balance sheet, positioning UAB well for continued growth.

Shirish Bhide, Chief Executive Officer of UAB, commented, "Our customer-centric approach and sustainable growth model has led to a 15 percent increase in net profit and a 12 percent growth in total assets. Our positive performance is a testament to the successful execution of our strategic priorities and a clear evidence of the success of the many initiatives that have been implemented at the Bank. Going forward, we will continue investing in our growth strategy and digital capabilities, while equally focusing on developing innovative products and services that meet our customers aspirations whilst upholding the highest standards of compliance and internal controls."

Future Outlook

As UAB moves into the second half of the year, it remains committed to enhancing customer experience and contributing to UAE's economic growth. The bank plans to continue investing in digital capabilities and innovative products while maintaining high compliance standards.

The financial results highlight UAB's robust position and readiness for future opportunities. The bank's focus on quality assets and risk management has laid a strong foundation for sustained growth.

With inputs from WAM