United Arab Bank Reports 12% Profit Increase, Moody's Elevates Credit Rating

United Arab Bank PJSC has reported a 12% increase in net profit before tax for the first nine months of 2024, reaching AED 233 million. This growth is attributed to asset expansion, improved risk management, and a credit rating upgrade by Moody's to Baa3. The bank emphasizes innovation and digital advancements.

Sharjah [UAE], October 20 (ANI/WAM): United Arab Bank PJSC has released its financial results for the first nine months of 2024, revealing a net profit before tax of AED 233 million. This marks a 12% increase compared to the AED 209 million achieved in the same period last year, driven by a 20% rise in net interest income.

The bank's performance is buoyed by a 13% growth in total assets since December 2023 and meticulous risk management that has lowered the cost of risk. UAB's balance sheet strength is further evidenced by a 15% increase in loans, advances, and Islamic financing, compared to December 2023 figures.

Moody's has upgraded UAB's credit rating to an investment grade level of Baa3, maintaining a positive outlook initially set in September 2023. This upgrade reflects expectations for sustained asset quality, capital buffers, and profitability improvements. CEO Shirish Bhide attributes this success to strategic initiatives aimed at sustainable growth, governance improvements, and a commitment to innovation and digital enhancements.

(With inputs from agencies.)