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UAB posts Dh27 million net profit in first half
Sharjah - The bank said earnings surged 64 per cent quarter-on-quarter basis due to improved operating performance and lower expected credit losses, coupled with disciplined cost control and a prudent approach to risk management.
UAB’s financial performance was aided by a significant progress within the ‘core’ businesses recording a 33 per cent increase in operating profit compared to first half of 2020. -- File photo
United Arab Bank (UAB) on Tuesday said it earned Dh27 million net profit during the first half of this year compared to Dh208 million loss in the same period last year.
In a statement, the Sharjah-based bank said earnings surged 64 per cent quarter-on-quarter basis due to improved operating performance and lower expected credit losses, coupled with disciplined cost control and a prudent approach to risk management.
UAB’s financial performance was aided by a significant progress within the ‘core’ businesses recording a 33 per cent increase in operating profit compared to first half of 2020. Total Income increased by eight per cent, whilst operating expenses continue to be robustly managed and recorded a reduction of nine per cent comparing to same period in 2020. The balance sheet has been significantly strengthened with a focus on quality assets which resulted in recording 70 per cent reduction in provisions compared to the first half of 2020. These results provide further evidence that the bank is well positioned to set sail on its growth journey.
Ahmad Abu Eideh, chief executive officer of UAB, said the investment that the bank started in developing and modernizing the technological infrastructure and hence moving forward towards the digital world and the successful execution of the turnaround strategy paved the way for a return to profitability.
“We are confidently looking forward to the future and continuously developing and improving our business model and activities in line with our customer base and sustainable growth strategy," he said.
“These positive results do also motivate us to work harder towards ensuring the satisfaction of our customers and shareholders. In the coming period, we will pursue our ambitious vision and accelerate the pace of investment in digital transformation to effectively manage our resources and reduce risk, thereby enhancing our net profit and our customers' confidence in the quality of our assets and services.” Abu Eideh concluded.
-- muzaffarrizvi@khaleejtimes.com
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