Sharjah [UAE], October 20 (ANI/WAM): United Arab Bank PJSC (UAB) has announced its financial results for the nine months ended 30th September 2024.
UAB posted a net profit before tax of AED 233 million for the first nine months of 2024 compared to AED209 million for the same period last year, representing a year-on-year increase of 12 per cent. Net interest income was higher by 20 per cent YoY at AED 354 million.
The growth in net profit is a result of a significant growth in the Bank's total assets with an increase of 13 per cent compared to December 2023 and also a prudent approach to risk management which resulted in lower cost of risk.
The Balance Sheet has been significantly strengthened with focus on quality evidenced by loans, advances and Islamic financing growing by 15 per cent as compared to December 2023.
The Bank's efforts towards strengthening its financial position and the successful execution of its growth plan over the past several quarters led to an upgrade in the credit ratings to an investment grade level (Baa3) by Moody's.
The positive outlook, initiated in September 2023, was also maintained post the ratings upgrade, underlying Moody's expectation for UAB's asset quality to remain sound, capital buffers to remain solid and profitability to continue to improve. UAB is now rated Baa3/P-3/Positive by Moody's and BBB+/F2/Stable by Fitch.
Commenting on the bank's performance, Shirish Bhide, Chief Executive Officer of United Arab Bank, said: "UAB's performance in the first nine months of 2024 demonstrates the successful implementation of our strategy for sustainable growth. This achievement reflects our commitment to delivering long-term value to our shareholders and customers. The recent upgrade in our credit rating by Moody's highlights the improvement in our governance related practices and risk mitigating measures coupled with improved profitability metrics."
He added: "Going forward, we will continue to invest in innovation and digital capabilities that enhance customer experience, drive efficiency, and support our long-term growth objectives." (ANI/WAM)
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