The financial results for the six months ending June 30, 2024, have been released by the United Arab Bank (UAB). UAB reported a net profit after tax of AED 139 million for the first half of 2024, up 15% year over year (YoY) from AED 121 million during the same period the previous year. At AED 300 million, the total income increased by 10% yearly. The Bank’s total assets have increased by 12 percent since December 2023, which has resulted in a notable growth in net profit. Additionally, the proactive approach to risk management has paid off. With an emphasis on quality, the balance sheet has been considerably strengthened.
“UAB’s strong performance in the first half of 2024 reflects the successful implementation of our growth strategy and reinforces our commitment to delivering sustainable value to our shareholders,” stated Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors, in response to the bank’s performance. We have faith that our responsible business strategy will continue to produce strong results and handle any opportunities or difficulties that may arise.
“We remain committed to improving our customers’ banking experience and contributing to the growth and prosperity of the UAE’s economy as we move into the second half of the year.
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