UAB’s net profits exceed $69.4mln in 2023

Total interest income and income from Islamic financing products hit AED 921.61 million last year

Staff Writer, Mubasher

March 27, 2024

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The United Arab Bank (UAB) registered AED 255.30 million in net profit during 2023, higher than AED 154.72 million in 2022.

Total interest income and income from Islamic financing products hit AED 921.61 million last year, up from AED 584.48 million in the January-December 2022 period, according to the financial results.

Earnings per share (EPS) jumped to AED 0.12 in 2023 from AED 0.08 a year earlier.

As of 31 December 2023, the total assets increased year-on-year (YoY) to AED 17.64 billion from AED 14.08 billion, while the customer deposits hiked to AED 10.23 billion from AED 8.56 billion.

The net profits of UAB reached AED 209.02 million in the first nine months (9M) of 2023, an annual surge of 76% from AED 119.06 million.

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