Press releases, Reports & Disclosures for United Arab Bank

United Arab Bank P.J.S.C. has released its review report and condensed interim financial statements for the six-month period ending on June 30, 2024.

Resolution No. 442 of 2024 temporarily suspends trading of United Arab Bank (UAB) shares on the Abu Dhabi Securities Exchange (ADX) from 12:00 on July 25, 2024, until ADX receives the results of the UAB Board of Directors meeting scheduled for the same time. The resolution mandates that all relevant ADX department heads execute the suspension and that the resolution be communicated to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and all accredited brokers. The resolution has been approved by the authorized person and was issued on July 25, 2024.

The United Arab Bank (UAB) Board of Directors held a meeting on 3rd May 2024, where they discussed and approved various routine and business matters. The meeting was held at 01:00 PM. The information was disclosed in a letter sent to the Market Operations Surveillance Department of the Abu Dhabi Securities Exchange.

United Arab Bank (UAB) has reported its financial results for Q1 2024, showing a net profit before tax of AED 75 million, up 37% from Q1 2023. The net profit after tax was AED 68 million, a 25% increase from the same period in the previous year. Earnings per share rose to AED 0.033 per share in Q1 2024 from AED 0.027 in Q1 2023. The bank also reported a 33% increase in total income to AED 163 million, driven by a 44% increase in net interest income. The bank's expense management has improved, with the cost-income ratio reducing to 48% from 53% in the prior year. The bank's capital position and liquidity profile remain strong, and its credit ratings have been affirmed by Fitch and Moody’s.

United Arab Bank (UAB) has reported its financial results for Q1 2024, showing a net profit of AED 68 million, a 25% increase year-on-year (YoY) and a 47% sequential increase. The bank's net profit before tax was AED 75 million, up 37% YoY. The total income rose by 33% YoY to AED 163 million, due to higher net interest income, which increased by 44% YoY. UAB's total assets reached AED 17.9 billion, with a 2% increase in net loans and advances and a 4% increase in customer deposits during the quarter. The bank's asset quality metrics also improved, with a reduction in the NPL ratio to 4.8% and an improved coverage of 127%. The bank's capital position remains strong, with a CET1 of 13.1% and a total CAR of 18.4%. UAB's credit ratings were affirmed by Fitch and Moody's, with a 'Stable' and 'Positive' outlook, respectively.