UAE: United Arab Bank 2023 Net Profit Surges to 255 million AED
In the fiscal year 2023, United Arab Bank (UAB) experienced substantial growth across key financial metrics, marking a significant milestone in its operational performance.
With total assets witnessing a remarkable 25 percent increase year-on-year, reaching AED17.6 billion, the bank demonstrated robust expansion driven primarily by a surge in loans, advances, and Islamic financing activities.
One of the standout achievements of the fiscal year was the notable 65 percent jump in net profit, soaring to AED255 million compared to AED155 million in the previous year. This impressive growth in profitability can be attributed to a combination of factors, including enhanced operational efficiency, reduced expected credit losses, and prudent cost management practices implemented throughout the organisation.
In addition, UAB revealed that its total operating income for FY 2023 increased by a significant 15% over the previous fiscal year. The bank's ability to generate revenue in all of its business segments retail, wholesale, and capital markets is demonstrated by the upward trajectory of its operating income.
UAB remains steadfast in its commitment to expanding its core businesses and diversifying its revenue streams to sustain long-term growth. The bank continues to focus on strategic initiatives aimed at driving business expansion and maximising profitability while maintaining a prudent approach to risk management.
Looking ahead, UAB is positioned to take advantage of new opportunities and move with resilience and agility through changing market conditions. In order to maintain its position as a dominant player in the banking industry and provide long-term value to its stakeholders, the bank places a high priority on innovation, customer-centricity, and operational excellence.
Overall, UAB's impressive financial performance in FY 2023 reflects its resilience and adaptability in the face of challenging market conditions. With a strong foundation and a strategic focus on growth, the bank is well-positioned to navigate uncertainties and drive sustainable success in the years to come.