Abu Dhabi – Mubasher: United Arab Bank (UAB) has logged accumulated losses of AED 667.257 million as at the end of 2020, accounting for 32% of the capital.
The accumulated losses are attributed to the bank's exposure to NMC and associated individuals, alongside the negative impact of the coronavirus (COVID-19) pandemic, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.
In addition, the bank's property portfolio has negatively affected by higher provision charges.
To address these losses, the bank has decreased its operating costs by 17% year-on-year (YoY) in 2020 and focused on growing its core businesses and revenues across its wholesale banking, retail, and financial markets.
It is noteworthy to mention that in 2020, UAB showed a rise in net losses to AED 667.295 million, compared to AED 470.753 million in 2019.
