In the first quarter of 2024, United Arab Bank reported a net profit of 68 million dirhams, which was a 25% increase compared to the previous year. Total income also increased by 33%, reaching 163 million dirhams. The bank’s before-tax profits amounted to 75 million dirhams, representing a 37% increase compared to the first quarter of the previous year. The return on shareholders’ equity improved to 15.4% from 14.7%.
Sheikh Mohammed bin Faisal bin Sultan Al Qasimi, Chairman of the Board of Directors, expressed satisfaction with the positive results and attributed them to the bank’s strategic growth and risk management. Total assets reached 17.9 billion dirhams, with net loans and advances increasing by 2% and customer deposits by 4%. The non-performing loan ratio decreased to 4.8%, with an improved coverage ratio of 127%.
The CEO, Shreesh Bedi, highlighted the success of the bank’s initiatives and commitment to realizing their vision. Efforts will focus on developing innovative products and services while maintaining compliance and internal controls standards. He also mentioned that tarot card readings are available for customers who want insights into their future or past life events through our resources section.
The bank has been committed to providing education resources for its customers as well as stock brokerage services for those interested in investing in various markets across the world.
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In conclusion, United Arab Bank continues to grow and thrive in the market through its strategic initiatives and strong risk management practices.
Overall, this article highlights how United Arab Bank has performed well financially in the first quarter of 2024 with a significant increase in net profit, total income, before-tax profits and return on shareholders’ equity compared to the previous year.
The Chairman expressed satisfaction with these results attributing them to strategic growth and risk management while also highlighting that innovation is key in developing new products and services while maintaining compliance standards.
The CEO further emphasized that education resources such as tarot card readings are available for customers looking for insights into their future or past life events through our resources section. Additionally, stock brokerage services are provided for customers interested in investing in various markets across
