The net profits of United Arab Bank (UAB) skyrocketed by 198% to AED 30.38 million in the first quarter (Q1) of 2022, compared to AED 10.20 million in Q1-21, according to the bank's unaudited interim financials for the three-month period ended 31 March 2022.
The bank's net interest income and income from Islamic products amounted to AED 66.87 million in Q1-22, up from AED 64.13 million in the year-ago period.
The basic and diluted earnings per share (EPS) stood at AED 0.02 in the first three months of 2022, against AED 0.01 in the corresponding period of 2021.
Meanwhile, the bank has incurred accumulated losses of AED 580.19 million as of Q1-22, representing 28.1% of the bank's capital.
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