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UAB records AED 22 million increase in Q1 2019 net profit

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The Bank’s liquidity profile remains strong with a robust loan to deposit ratio of 90 per cent.

Thursday 02, May 2019 BY KUDAKWASHE MUZORIWA

United Arab Bank (UAB) has recorded AED 22 million net profits in Q1 2019 compared to AED 36 million the same period last year.

The lender’s net interest income increased six per cent in Q1 2019 while the non-interest income was up three per cent compared to the same period last year.

UAB stated that its AED 152 million total income was supported by an increase in interest income as well as an increase in non-interest income in Q1 2019 compared to the same period last year.

HE Sheikh Faisal Bin Sultan bin Salem Al Qassimi, the Chairman of the Board of Directors of UAB, said, “The Board and I are optimistic about the bank’s future, we are confident that UAB will contribute in developing its operations and improving the quality of its offerings.”

The Bank said that customer deposits, which are 78 per cents of total liabilities, have and will continue to represent the UAB’s key source of funds.

UAB made AED 49 million provisions for credit losses in the first quarter, which represents a healthy reduction of nine per cent compared to the provisions made in Q1 2018.

TAGS : United Arab Bank, Q1 2019 results

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