United Arab Bank Reports 30% Profit Growth in 2024

United Arab Bank (UAB) reported a 30% rise in its net profit for 2024 which reached AED 331 million surpassing the 2023 value of AED 255 million. The financial success derives from better operating results combined with effective account recoveries along with lower impairments of net value.

• Key Financial Highlights:
  The company reported AED 606 million in operating income which achieved a 5% growth compared to the previous year.
• UAB witnessed a 22% year-on-year total assets growth which brought the total to AED 21.5 billion because of 23% expansion in loans and advances and Islamic financing products.
• The bank experienced significant growth in customer deposit balances which increased by 33% since the previous year because investors demonstrated robust confidence in the institution.
  The regulatory minimums are exceeded by Capital adequacy ratio at 17.4% including a CET1 ratio of 12.7%.

The non-performing loan (NPL) ratio expressed 3.9% compared to 5.0% in previous reports because of 118% coverage.
Strategic Growth and Digital Transformation
UAB intensifies its commitment to building up its operations across all segments including Wholesale Banking, Retail Banking, Treasury & Capital Markets in addition to strengthening digital banking infrastructure which enhances customer satisfaction. The bank maintains robust liquidity through advances-to-stable-resources ratio of 76% and eligible liquid asset ratio of 17% that exceed all regulatory standards.

UAB Chairman Sheikh Mohammed bin Faisal bin Sultan Al Qassimi commended the bank’s financial performance by recognizing how its expansion plans plus digital advancement and focus on extended shareholder worth contributed to success. UAB bears a responsibility to lead the banking sector in its evolution throughout the United Arab Emirates.

CEO Shirish Bhide of UAB pointed out that the bank maintains a sustainable growth model together with customer-focused strategy while deposit rating earned an upgrade from Moody’s to ‘Baa3’ and ‘Positive’ outlook indicates its powerful financial foundation.

United Arab Bank will expand its position in the UAE banking sector through 2025 supported by sustainable profits and expanding assets as well as innovative business practices.