GulfBase Live Support
UAB reported a Net Profit of AED17 million in 2017 as the successful execution of its Transformation Strategy paved the way for a return to profitability. Notably, 2017 was the final year of transition for UAB as the Bank embarked on its journey to become a safer, stronger and sustainable Bank. Central to this Transformation Strategy were four key pillars: pro-actively deleverage higher risk non-core portfolios; reduce costs; enhance the Bank’s risk and control frameworks; and strengthen key banking fundamentals tapping into new funding lines globally. With the continuing support of UAB’s Board and shareholders, the Bank is well positioned to generate sustainable returns going forward.
“We are pleased with the financial performance in the year 2017 as the Bank successfully concluded its Transformation Strategy. We have substantially strengthened our Balance Sheet, focused on our core activities, de-risked the business and captured material cost savings. The Board and I are confident that our revised and efficient business model which is backed by the strong economy in the UAE and business environment positions us well to continue doing the right thing for our customers and deliver sustainable returns for our shareholders,” said HE Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors.
UAB has reported a net profit of AED 17m for twelve months ended 31 December 2017. The successful execution of the transformation strategy has resulted in the Bank recording significant progress in deleveraging its ‘non-core’ higher risk portfolios. These have been managed down 88 per cent since 30 September 2015 being the implementation date of the Transformation Strategy.
With the Bank redeploying its capital in the lower risk core businesses, total Income reduced to AED677 million in 2017, from AED861 million in FY 2016, whilst non-interest income increased to 28 per cent of total income vs. 26 per cent in 2016. The Bank’s provisions for credit losses of AED 289m represent a healthy reduction of 71 per cent compared to 2016 on the back of prudent risk management,
Despite challenges faced, UAB’s capital adequacy and liquidity ratios were maintained above the Central Bank of UAE minimum requirements. Capital adequacy ratio was at 13.2 per cent, whilst the liquidity profile remained strong with robust Loan to Deposit Ratio of 87 per cent. Customer Deposits being 81 per cent of Total Liabilities, have and will continue to represent the Bank’s key source of funds.
United Arab Bank (UAB) has announced the successful conclusion of its $185 million syndicated term financing facilities signed on July 30, 2018.
The two-year bullet term financing faciliti
United Arab Bank (UAB) reported a net profit of Dh36 million for the first quarter of 2018, up 29 per cent year on year, supported by improved core business, streamlined cost base and strong fundamen
United Arab Bank (UAB) said on Monday its rights issue was subscribed 124 per cent, recieving Dh850 million of subscriptions.
The bank plans to increase its capital by Dh687.5 million to D
Amid an ongoing restructuring, Dubai-listed retailer Marka has seen its losses narrow in the second quarter, while also seeing its revenue slip. The company did manage, however, to post a gross profi
Batelco, the leading digital solutions provider in Bahrain, is set to offer a new high-speed LTE Data Roaming services package with options including a one-day data roaming in the GCC for only BD5 ($
Nakheel, a leading global developer, said it has registered a net profit of Dh2.51 billion ($683 million) for the first six months of the year compared to Dh2.61 billion ($710 million) for the same p
Leading property developer Emaar has registered a revenue of Dh11.47 billion ($3.12 billion) for the first half of the year, up 46 per cent compared to Dh7.86 billion ($2.14 billion) last year led by
Leveraging its unique ability to expand value for its customers while also contributing to Saudi Vision 2030, SABIC, a global leader in the chemical industry, is investing in new applications and met