UAE-based United Arab Bank (UAB) has posted a net profit of AED83.3 million ($22.7 million) for H1 2022 compared to AED26.9 million in H1 2021, representing an increase of 209%.

The growth in net profit is a result of improved operating performance and lower expected credit losses, coupled cost control and a lower cost of risk, the bank said in a statement.

Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors of UAB, said: “UAB continues to strengthen its core businesses; streamline the cost base; and maintain key banking fundamentals."

UAB’s ‘core’ businesses recorded a 9% increase in operating profit compared to H1 2021.

Total Income increased by 3%, whilst operating expenses recorded a reduction of 3% compared to same period in 2021.

(Writing by Seban Scaria; editing by Daniel Luiz)