The United Arab Bank achieves 30% growth in the net profit for the fiscal year 2024

Sharjah, February 4 / WAM / The United Arab Bank for the end of the fiscal year ended December 31, 2024, net profits (before taxes) of 331 million dirhams, compared to 255 million dirhams for the year 2023, which represents an increase of 30%. A statement by the bank issued today

This growth comes as a result of improved operational performance and the strength of the recovery that led to a decrease in net value fees.

And he pointed to the increase in operational income in the fiscal year 2024 to 606 million dirhams, an increase of 5% compared to the same period last year and is expected to maintain its strength with new subscriptions in high -quality assets.

The total assets achieved 22% in the fiscal year 2024 compared to the same period last year to 21.5 billion dirhams driven by strong growth in Islamic loans and financing, which increased by 23% compared to the same period last year, while customer deposits increased by 33% compared to In the same period last year.

The bank also continued to maintain a strong capital adequacy rate of 17.4% and the CET1 percentage, and it reached 12.7%, both of which are still much higher than the regulatory requirements, which supports future credit growth. The percentage of total troubled loans significantly improved to 3.9% compared to 5.0% in the past year Supported with enough coverage by 118%.

The bank continued to focus on developing its basic business and revenues through the banking services sectors of companies and banking services for individuals, treasury and financial markets with a shift towards a more flexible operating model that provides digital solutions and capabilities, which makes him the preferred banking partner among his main customers.

The strong liquidity file also reflects the proportion of the predecessor to the stable resources by 76% and the percentage of qualified liquid assets by 17%, both of which are higher than the regulatory limits.

Sheikh Muhammad bin Faisal bin Sultan Al Qasimi, Chairman of the United Arab Bank, said: We are proud of the financial performance achieved by the United Arab Bank during the year 2024, which reflects the distinguished performance of the bank, the success of the growth strategy and the strength of our basic business model. It also confirms our fixed commitment to providing a long -term value to the shareholders, indicating, indicating. Until the continuation of our focus on digitization and innovation re -forms the features of the future of banking services, which improves our digital capabilities and outperforms our operational operations and pays continuous development in efficiency and provides added value to customers.

Sheikh Mohammed bin Faisal bin Sultan Al Qasimi added: While we go ahead towards the future, we will continue to provide a distinguished banking experience and contribute to supporting the growth and prosperity of the economy of the United Arab Emirates, expressing his appreciation to the members of the Board of Directors, executive management and all employees for their fixed dedication and exceptional performance, which had a basic role in Achieving the bank’s successes.

For his part, Sherish said, CEO of the United Arab Bank, reflects our achievements in 2024 the remarkable progress made over the past three years and confirms our commitment to our approach that is based on customer service and successful implementation of the sustainable growth model where our strategy and effective operational management played a pivotal role in achieving the growth that included Various business sectors, as well as upgrading the classification of the United Arab Bank deposits to the BAA3, with the continued positive view by Moody’s agency is evidence of our sound financial administration and our tireless efforts to enhance the bank’s financial situation, and we look at the future with optimism and we renew our firm commitment to providing a sustainable value to our customers, shareholders and society that we serve .

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