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UAB posts 209% higher profits in H1-22; accumulated losses announced

UAB posts 209% higher profits in H1-22; accumulated losses announced
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UAB
UAB
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Abu Dhabi – Mubasher: United Arab Bank (UAB) has registered net profits worth AED 83.27 million during the first half (H1) of 2022, an annual hike of 209% from AED 26.92 million.

Basic and diluted earnings per share (EPS) stood at AED 0.04 in the first six months (6M) of 2022, higher than AED 0.01 in the year-ago period, according to the income statements.

The total interest income and income from Islamic financing products fell to AED 240.67 million in H1-22 from AED 252.32 million in H1-21. Furthermore, the total operating income increased by 3% year-on-year (YoY) to AED 242.71 million in the January- June 2022 period from AED 236.36 million.

During the second quarter (Q2) of 2022, the net profits surged to AED 52.88 million from AED 16.72 million in Q2-21. The basic and diluted EPS rose to AED 0.03 in Q2-22 from AED 0.01 in Q2-21.

The total interest income and income from Islamic financing products reached AED 127.12 million in Q2-22, lower than AED 130.95 million in Q2-21. Additionally, the bank’s operating income totalled AED 125.86 million in Q2-22, versus AED 104.04 million during the same period a year earlier.

Meanwhile, UAB suffered accumulated losses of AED 527.31 million as of H1-22, accounting for 25.60% of the AED 2.06 billion capital.

During the January-March period in 2022, the UAE-based lender posted a 198% YoY leap in net profit to AED 30.38 million, compared to AED 10.20 million.