UAE-based United Arab Bank (UAB) has posted a net profit of AED83.3 million (USD 22.7 million) for H1 2022 compared to AED26.9 million in H1 2021, representing an increase of 209 percent.
The growth in net profit is a result of improved operating performance and lower expected credit losses, coupled cost control and a lower cost of risk, the bank said in a statement.
Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors of UAB, said: “UAB continues to strengthen its core businesses; streamline the cost base; and maintain key banking fundamentals.”
UAB’s ‘core’ businesses recorded a 9 percent increase in operating profit compared to H1 2021.
Total Income increased by 3 percent, whilst operating expenses recorded a reduction of 3 percent compared to same period in 2021.