Abu Dhabi – Mubasher: The United Arab Bank (UAB) recorded net profit valued at AED 102 million in the first quarter (Q1) of 2025, higher by 49% than AED 68 million in Q1-24.
The growth in net profit was backed by an improved operating performance and strong recoveries, leading to lower net impairment charges, according to a press release.
Total assets grew by 31% year-on-year (YoY) to AED 23.40 billion as of 31 March 2025, driven by the strong growth in loans.
Investments increased by 29% YoY in Q1-25, while customer deposits jumped by 40% YoY.
Shirish Bhide, CEO of UAB, commented: "UAB has started 2025 on a very strong note and our first quarter results continue to reflect the sound growth strategy we have put in place.”
Bhide added: “With our recently approved plans to increase the Bank's capital (CET1) through a Rights Issue of up to AED 1.03 billion, we can now continue to confidently execute our medium-term strategy of generating sustainable growth and shareholder value. We thank our loyal customers, shareholders and the Regulator for their support in this journey."
In 2024, the ADX-listed lender posted 18% higher net profits after tax at AED 301 million, compared to AED 255 million.
