United Arab Bank PJSC (UAB) has announced a significant financial performance for the first nine months of 2024, posting a net profit before tax of AED 233 million.
This marks a 12% increase compared to AED 209 million in the same period last year. The bank’s net interest income also surged by 20% year-on-year to AED 354 million.
The growth in net profit is attributed to a robust 13% rise in UAB’s total assets compared to December 2023, along with a prudent risk management approach that reduced the cost of risk. Loans, advances, and Islamic financing grew by 15%, reinforcing the bank’s strengthened balance sheet.
UAB’s strategic execution over recent quarters has led to an upgrade in its credit rating to investment grade (Baa3) by Moody’s. The bank is now rated Baa3/P-3/Positive by Moody’s and BBB+/F2/Stable by Fitch, reflecting solid asset quality, strong capital buffers, and improving profitability.
Shirish Bhide, UAB’s Chief Executive Officer, commented,
"Our performance reflects the success of our sustainable growth strategy, ensuring long-term value for our shareholders and customers. The credit rating upgrade underscores the improvements in governance and risk management."
Looking ahead, UAB plans to continue investing in innovation and digital capabilities to enhance customer experience and drive efficiency.
News Source: Emirates News Agency
