According to Amac News: UAB attributed the growth in net profit to the bank’s improved operational performance and strong repayments, which led to a reduction in net impairment charges.
According to the UAB, the bank’s operating income increased to AED 606 million in the fiscal year 2024, up 5% from the previous year, and is expected to remain strong, backed by a strong portfolio of quality assets.
Total assets grew by 22% year-on-year to AED 21.5 billion in FY24, driven by a significant increase in loans, advances and Islamic financing (+23% year-on-year), while customer deposits also increased by 33%.
The bank continued to maintain a strong capital adequacy ratio of 17.4% and a CET1 ratio of 12.7%, both above regulatory requirements, thus supporting future credit growth.
The gross NPL ratio declined significantly to 3.9%, an improvement from 5.0% last year, with an adequate coverage of 118%.
The bank’s strong liquidity profile is also demonstrated by a loan-to-performing assets ratio of 76% and an eligible liquid assets ratio of 17%, both comfortably above regulatory thresholds.
Mohammed bin Faisal bin Sultan Al Qasimi, Chairman of the Board of Directors of UAE Bank, expressed his satisfaction with the bank's performance and said: "Our continued focus on digitalization and transformative innovation is transforming the future of banking and enhancing our capabilities and operational excellence."