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SHARJAH / WAM
The United Arab Bank (UAB) announced its financial results for the nine months ended September 30, 2017, reporting a net profit of AED50 million.
The performance in the third quarter reflects continued positive traction against the Bank’s Transformation Strategy set out in H2, 2015 to become a safer, stronger and sustainable Bank. The bank continued to strengthen its core businesses, run-down ‘non-core’ higher risk portfolios, streamlined the cost base, and maintained key banking fundamentals.
Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors, said, “The Board is pleased to see the improved operating performance continue into the third quarter of the current year as the Bank continues to progress well.
“We believe that our revised low risk and UAE focused business model, together with the simplification and transformation of the Bank, positions us well to continue doing the right thing for our customers and deliver sustainable returns for our shareholders.â€
Samer Tamimi, Acting Chief Executive Officer, commented, “We have seen another period of good financial and operating performance in the quarter with the Bank.†“With the transformation strategy nearing completion, non-core assets now represent 2 percent of the loan base. The benefits of branch rationalisation have resulted in operating expenses being robustly managed recording 9 percent reduction against prior year.