United Arab Bank reports 30% jump in pre-tax profit for FY2024
Net profit before tax for FY2023 was AED255 million ($69.43 million) and the bank attributed the growth to improved operating performance and strong recoveries, which led to lower net impairment charges.
Outlook for 2025 remains robust with new portfolio underwritings in quality assets.
Mashreq delivers $2.45bn net profit in 2024
Total assets grew by 22 per cent YoY to AED21.5 billion ($5.85 billion). There was strong growth in loans, advances and Islamic financing (up 23 per cent YoY), while customer deposits increased by 33 per cent during the year.
Sheikh Mohammed bin Faisal bin Sultan Al Qassimi, Chairman of the Board of Directors of United Arab Bank, commented: 'We take immense pride in the Bank's outstanding financial performance in 2024. UAB's strong performance is a testament to the success of our growth strategy, resilience in our core business, and reinforces our commitment to delivering long-term value to our shareholders.
'As we move forward, we are fully committed to elevating our customers' banking experience and playing a pivotal role in the continued growth and prosperity of the UAE's economy.'
UAB maintained a solid capital adequacy ratio of 17.4 per cent and a CET1 ratio of 12.7 per cent, both of which were above the regulatory requirements. Gross NPL ratio improved from 5 per cent the year before to 3.9 per cent in 2024.
Shirish Bhide, Chief Executive Officer of United Arab Bank, added: 'Our achievements in 2024 reflect the remarkable progress made over the past three years, driven by our customer-centric approach and the successful execution of our sustainable growth model.
'Our strategy and effective operational management have been pivotal in achieving growth across all businesses. Additionally, the upgrade of UAB's deposit ratings to 'Baa3' with a continued 'Positive' outlook by Moody's is a testament to our sound financial management and tireless efforts towards strengthening the bank's financial position.'
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