The bank announced its financial results for the 12-month period ending on December 31, 2023, recording net profits of 255 million dirhams ($69.43 million) in 2023 compared to profits of 155 million dirhams in 2022, representing a 65 percent increase compared to last year.
The bank succeeded in achieving significant progress in its core business, recording a 15 percent growth in its operating income in 2023 compared to 2022, and the improvement is expected to increase further as it continues to subscribe to a new portfolio of assets.
Total assets recorded an annual growth of 25 percent during the fiscal year 2023 to reach AED 17.6 billion, driven by strong growth in loans and advances and Islamic financing (23 percent year-on-year), as well as an increase in the investment portfolio (31 percent year-on-year).
Supported by the additional Tier 1 capital issuance of $150 million during the first quarter of 2023, United Arab Bank continued to maintain a strong base with a capital adequacy ratio of 19 percent.
The non-performing loan ratio also improved from 8.2 percent in 2022 to 5 percent in 2023.
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