June 14, 2024

UAB’s net profit up 209% at USD27.7mln in 2022

Facebook
Twitter
LinkedIn

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.

source

Share.

RELATED POSTS

Dr. Ali El Gebely, the Managing Director, and CEO of EIH & Mr. Abdel Hadi Al Sadi, CEO of BHM Capital.
EIH inks advisory services agreement with BHM Capital
H.E. Raja Al Mazrouei, Chief Executive Officer of ECI, and Aslan Kaligazin, Chairman of KazakhExport signing the agreement.
Etihad Credit Insurance partners with KazakhExport
The Living Business programme is designed to enable businesses to optimise their approach to ESG matters through a structured programme.
NBF collaborates with Living Business
  • Tamkeen Insurance banner
  • International Assurance

LATEST POSTS

Image used for representational purpose (Image by wirestock on freepik)
Commvault Appoints Ziad Aboumerhi As Country Manager Qatar to boost its Middle East Operations and Qatar's Cybersecurity Operations
360tf and Traydstream Alliance To Digitize Trade Finance Solutions  by supporting corporates in financing, saving time and money on document processing, and allowing them to focus on their core business
Danfoss Drives And Honeywell Partnership Boosts Automation Solutions