Abu Dhabi – Mubasher: United Arab Bank (UAB) reported net profits of AED 10.2 million in the first quarter (Q1) of 2021, against net losses of AED 119.943 million in the same quarter of 2020, according to the bank’s interim financial results for the three-month period ended 31 March 2021.
The bank’s net interest income decreased by 27% to AED 64.134 million in Q1-21 from AED 87.652 million in Q1-20.
The basic and diluted earnings per share (EPS) settled at AED 0.01 in the first three months of 2021, against losses per share of AED 0.06 in the year-ago period.
Meanwhile, the bank has incurred accumulated losses of AED 656.54 million, representing 32% of the capital, as of Q1-21.
It is noteworthy to mention that in 2020, the bank showed a rise in net losses to AED 667.295 million, compared to AED 470.753 million in 2019.