Abu Dhabi – Mubasher: The financial statements of United Arab Bank (UAB) registered AED 364.91 million net losses in the first nine months of 2020, up from AED 63.02 million in the year-ago period.

The bank's net interest income and income from Islamic products declined to AED 224.49 million in the January-September period of 2020 from AED 301.15 million in the corresponding period of 2019, according to the bank's interim financial results for the period ended on 30 September 2020.

The lender's total assets decreased to AED 17.98 billion as of 30 September 2020 from AED 19.12 billion as of 31 December 2019.

The basic and diluted loss per share settled at AED 0.18 in the January-September period of 2020, compared to AED 0.03 in the corresponding period of the earlier year.

During the third quarter (Q3) of 2020, the bank's net profits increased to AED 155.97 million from AED 98.73 million in the same quarter of 2019.

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