United Arab Bank

Resolution No. 291 of 2024 temporarily suspends trading of United Arab Bank (UAB) shares on the Abu Dhabi Securities Exchange (ADX). This decision is due to the UAB's Annual General Meeting (AGM) scheduled for 11:00 on March 6, 2024, which coincides with the trading session at ADX. The suspension will last from 09:00 on March 6, 2024, until the ADX receives the AGM results. All department heads at ADX are required to implement this resolution, and it will be circulated to the Securities and Commodities Authority (SCA), the concerned company, all ADX departments, and all ADX-accredited brokers. The resolution was issued on February 14, 2024.

The United Arab Bank's Board of Directors has invited shareholders to a General Assembly meeting on 6th March 2024. The meeting will be held at the bank's head office in Sharjah or online at 11:00 a.m. The agenda includes approval of the bank's 2023 financial reports, Board of Director's reports, and the decision not to distribute dividends for the year 2023. The meeting will also consider remuneration for the Board of Directors, discharge or dismissal of board members and auditors, appointment of auditors for 2024, election of new board members, and renewal of the Internal Sharia Supervision Committee members.

The United Arab Bank (UAB) has announced that nominations for its Board of Directors are open from February 15, 2024, to February 25, 2024. Shareholders who meet the nomination conditions can apply for positions such as Executive Member, Non-Executive Member, or Independent Member. The bank is seeking to elect eleven members to the board. Candidates must comply with conditions set in Federal Law by Decree No. (32) of 2021 concerning Commercial Companies. The nomination period is ten days, in line with the Chairman of Authority’s Board of Directors’ Decision No. (3/R.M) of 2020.

The United Arab Bank (P.J.S.C.) has invited its shareholders to attend a General Assembly meeting on 6th March 2024. The meeting will discuss several key points, including the approval of the bank's activities report, financial position, balance sheet, and profit and loss account for the year ending 31st December 2023. The board's recommendation not to distribute dividends for 2023 will be considered, as well as the distribution of any remuneration to the board for the same year. Other items on the agenda include discharging or dismissing board members and auditors for their work in 2023, appointing auditors for 2024, electing board members for a 3-year term, and authorizing elected board members to compete in business with the bank. The Annual Report of the Internal Sharia Supervisory Board will also be reviewed.

The audited financial statements of United Arab Bank P.J.S.C., dated 31 December 2023, are pending approval by the Central Bank of the United Arab Emirates (CBUAE) and shareholders at the Annual General Meeting.

The audited financial statements of United Arab Bank P.J.S.C. as of 31st December 2023 are pending approval from the Central Bank of the United Arab Emirates (CBUAE) and shareholders at the Annual General Meeting.

United Arab Bank (UAB) has reported a 65% increase in net profits for the full year ending 31st December 2023, with a net profit of AED 255 million compared to AED 155 million in 2022. This growth is due to improved operating performance, lower expected credit losses, and disciplined cost management. The bank's total operating income grew by 15% in 2023, and total assets grew 25% to AED 17.6 billion. UAB also reported a solid capital adequacy ratio of 19.0% and a CET1 ratio of 13.5%, well above regulatory requirements. The bank also improved its NPL ratio from 8.2% in 2022 to 5.0% in 2023.

United Arab Bank (UAB) reported a 65% year-on-year increase in net profits for the fiscal year ending 31 December 2023. This growth was driven by a higher core income, effective risk management, and a double-digit growth in assets, indicating successful implementation of the bank's turnaround strategy. The bank's net profit reached AED 255 million, with total income increasing by 15% to AED 576 million. The return on shareholders' equity improved to 15.8% from 10.3% in FY'22, and asset quality metrics also improved. Assets grew by 25% to AED 17.6 billion, led by a 23% increase in loans, advances and Islamic financing, and a 31% growth in the investments portfolio. UAB's capital position remained strong, and its credit ratings were affirmed by Fitch and Moody's, with the latter upgrading the outlook to 'Positive'.