United Arab Bank (UAB) recorded a net profit of Dh331 million for 2024, up 30% from Dh255 million in 2023. The growth was attributed to improved operating performance and lower net impairment charges, the bank said in its financial results announcement for the year ending December 31, 2024.
Operating income increased by 5% year-on-year to Dh606 million, supported by new quality asset underwritings. Total assets grew 22% to Dh21.5 billion, driven by a 23% year-on-year rise in loans, advances, and Islamic financing. Customer deposits surged 33% during the year.
UAB maintained a solid capital base, with a capital adequacy ratio of 17.4% and a CET1 ratio of 12.7%, both well above regulatory requirements. The bank’s non-performing loan (NPL) ratio improved to 3.9% from 5.0% a year ago, with an adequate coverage ratio of 118%.
The bank continues to expand its core businesses in wholesale banking, retail banking, and treasury and capital markets, with a focus on digital transformation to improve operational efficiency and enhance customer offerings. Its liquidity position remains strong, with an advances-to-stable-resources ratio of 76% and an eligible liquid asset ratio of 17%.
