The first quarter of 2023 has seen United Arab Bank (UAB) achieve impressive financial results. Net profit increased by 25% to reach 68 million dirhams, while total income rose by 33% to reach 163 million dirhams. Before-tax net profits were reported at 75 million dirhams, showing a 37% increase from the same period last year. Additionally, UAB’s return on shareholders’ equity improved to 15.4%, compared to 14.7% in the first quarter of 2023.
Sheikh Mohammed bin Faisal bin Sultan Al Qasimi, Chairman of the Board of Directors, expressed satisfaction with the positive results and highlighted the bank’s successful strategy implementation. Total assets reached a record high of 17.9 billion dirhams, with an increase in net loans, advances, and customer deposits. Asset quality also improved significantly, with a decrease in non-performing loans and an increase in coverage ratio.
The growth in net profit can be attributed to several factors including a significant improvement in asset management, cost management, risk management and balance sheet strength. CEO Shreesh Bedi emphasized the success of UAB’s initiatives and commitment to customer satisfaction, compliance and internal controls as key drivers behind this growth.
In addition to financial news, UAB’s website also featured various articles on tarot reading, stock brokers and education services during this quarter.
Overall, these diverse pieces covered a range of topics from finance to entertainment offering readers a wide array of information to explore.
With its focus on financial excellence and commitment to innovation and customer satisfaction UAB continues to be one of the leading banks in the region
