Abu Dhabi – Mubasher: United Arab Bank (UAB) generated AED 119.06 million net profits in the first nine months (9M) of 2022, an annual hike of 166% from AED 44.74 million.
The total operating income amounted to AED 350.96 million in January-September 2022, up from AED 336.55 million during the same period in 2021, according to the income statements.
Basic and diluted earnings per share (EPS) stood at AED 0.06 in 9M-22, versus AED 0.02 in 9M-21.
In 9M-22, the total assets reached AED 14.06 billion, lower than AED 15.18 billion as on 31 December 2021.
Meanwhile, the accumulated losses amounted to AED 491.52 million as of 30 September 2022, accounting for 23.80% of the AED 2.06 billion capital.
During the third quarter (Q3) of 2022, the net profits of UAB enlarged to AED 35.79 million from SAR 17.81 million, while the basic and diluted EPS went up to AED 0.02 from SAR 0.01 in Q3-21.
Additionally, the total operating income surged to AED 108.24 million in July-September 2022, compared to AED 100.18 million in the year-ago period.
Faisal bin Sultan bin Salem Al Qassimi, Chairman of UAB, commented: “The bank returned to profitability due to the execution of an effective strategy.”
Al Qassimi added: “We are confidently looking forward to the future and continuously developing our business model and activities in line with our sustainable growth strategy in the UAE.”
In the first half (H1) of 2022, UAB witnessed a 209% leap in net profit to AED 83.27 million, compared to AED 26.92 million in H1-21.
