Abu Dhabi – Mubasher: United Arab Bank (UAB) achieved net profits of AED 26.9 million during the first half (H1) of 2021, compared to net losses of AED 208.9 million in the same half of 2020.
Turning to profitability is attributed to the improved operating performance and lower expected credit losses, alongside the cost control and an approach to risk management, according to a press release on Tuesday.
The bank's net interest income decreased by 12% to AED 143.3 million in H1-21 from AED 163.4 million in the corresponding period of 2020.
Meanwhile, the bank has incurred accumulated losses of AED 639.818 million as of the period ended on 30 June 2021, representing 31% of the capital.
The CEO of UAB, Ahmad Abu Eideh, 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."
Eideh added: "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."
It is noteworthy to mention that in the first quarter (Q1) of 2021, UAB reported net profits of AED 10.2 million, against net losses of AED 119.943 million in the same quarter of 2020.
