Abu Dhabi – Mubasher: United Arab Bank (UAB) witnessed a 120% year-on-year (YoY) jump in net profit to AED 154.72 million in 2022, compared to AED 70.19 million.
The total operating income stood at AED 500.78 million in the January-December 2022 period, higher by 11% YoY than AED 449.63 million, according to the financial results.
Basic and diluted earnings per share (EPS) reached AED 0.08 last year, up from AED 0.03 in 2021.
Total assets declined by 7% YoY to AED 14.08 billion as of 31 December 2022 from AED 15.18 billion, whereas the customers’ deposits plummeted by 18% YoY to AED 8.56 billion from AED 10.40 billion.
Income Statements for Q4-22
During the fourth quarter (Q4) of 2022, the UAE bank’s net profits amounted to AED 35.70 million, an annual leap of 40% from AED 25.50 million.
Meanwhile, the total operating income enlarged to AED 149.80 million in October-December 2022, versus AED 113.10 million in Q4-21.
On a quarterly basis, the Q4-22 net profits were quite unchanged from AED 35.80 million in Q3-22, whereas the total operating income soared by 38% from AED 108.20 million.
Accumulated Losses
UAB incurred accumulated losses worth AED 492.81 million during the 12-month period that ended on 31 December 2022, representing 23.90% of the AED 2.06 billion capital.
Faisal bin Sultan bin Salem Al Qassimi, Chairman of UAB, said: “The bank is moving ahead according to a well-thought-out strategy that supports growth and shareholders' expectations.”
“Backed by the strong economy in the UAE, we are confidently looking forward to the future and continuously developing our efficient business model and activities in line with our sustainable growth strategy,” Al Qassimi noted.
In the first nine months (9M) of 2022, the ADX-listed lender logged net profits worth AED 119.06 million, a surge of 166% from AED 44.74 million in 9M-21.
