United Arab Bank

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'.

Resolution No. 273 of 2024 announces the temporary suspension of trading for the shares of United Arab Bank on the Abu Dhabi Securities Exchange (ADX). This suspension is due to the United Arab Bank Board of Directors meeting scheduled for 13:00 on 8-Feb-2024, which coincides with the trading session at ADX. Trading will be suspended from 09:00 on 8-Feb-2024 until the ADX receives the meeting results. All heads of departments in ADX are required to execute this resolution in their respective fields. The resolution is to be circulated to the Securities and Commodities Authority (SCA), the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorised person and issued on 02/02/2024.

The document is a review report and condensed interim financial statements of the United Arab Bank P.J.S.C for the nine-month period that ended on 30 September 2023. The report is likely to provide insights into the bank's financial performance and status during this period.