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UAB incurs AED 208,926 accumulated losses

UAB incurs AED 208,926 accumulated losses
The bank has taken several measures to address the accumulated losses
UAB
UAB
-0.22% 0.89 -0.00

Abu Dhabi – Mubasher: United Arab Bank (UAB) has logged accumulated losses of AED 208,926 as at the first half (H1) of 2020, representing 10.1% of the bank's capital.

The accumulated losses were driven by several actions taken in 2019 to address legacy issues, including additional provisions to align the loss and property-related impairments to incorporate the decline in property prices, according to the bank's recent disclosure to the Abu Dhabi Securities Exchange (ADX).

To address the accumulated losses, the bank has taken several measures, including diversifying its income sources by providing its customers with a comprehensive suite of wholesale banking services, alongside with Islamic banking solutions.

It is noteworthy to mention that in the first half (H1) of 2020, the bank saw net losses of AED 208.9 million, against AED 35.7 million net profits in the year-ago period.