UAB profit up 46% in H1

SHARJAH / WAM

United Arab Bank (UAB) reported net profits for the first six months of 2018 at AED81 million, representing an uplift of 46 percent compared with the same period last year, primarily driven by growth in ‘core’ income and reduction in provision charges following a transition to a lower risk business model. Total income reached AED341 million, with income generated from core businesses showing an uplift of five percent over H1 2017.
Sheikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the Board of Directors, said, “UAB delivered enhanced profits in the first half of 2018 in an increasingly competitive environment whilst maintaining a strong balance sheet and robust capital position. These results were achieved on the back of a healthy operating performance driven by higher ‘core’ business volumes and supported by disciplined risk management.”