United Arab Bank records loss in 9 months

Operating profit increased by 12% during the third quarter of 2019

  

Abu Dhabi – Mubasher: The United Arab Bank (UAB), listed on the Abu Dhabi Securities Exchange (ADX), reported an AED 63 million net loss during the nine months period ended 30 September 2019, versus a net profit of AED 104.8 million a year earlier.

On a quarterly basis, operating profit was up by 12% during the third quarter (Q3) of 2019 when compared to Q2-19, according to a press release on Sunday.

The bank’s total income registered AED 415 million, boosted by a higher interest income by 3% year-on-year (YoY) over Q3-19, while the capital adequacy ratio stabilized at 16%, well above the regulatory requirement of 13%.

It is worth noting that during the first half of 2019, the bank logged a net profit of AED 36 million.

Source: Mubasher

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