Net interest income also increased by 20 percent compared to the same period last year, reaching 354 million dirhams.
He consoled United Arab Bank In a statement on Abu Dhabi Financial Market The growth in net profits is a result of the significant improvement in overall Bank assets An increase of 13 percent compared to December 2023, in addition to the prudent approach to risk management, which led to a decrease in the cost of risks.
The balance sheet has also been significantly strengthened with a focus on quality as evidenced by the growth of loans, advances and Islamic financing by 15 percent compared to December 2023.
The bank’s efforts to strengthen its financial position and successfully implement the growth plan resulted in raising its credit rating to investment grade (Baa3) by the agency. Moody’s.
The positive outlook announced in September 2023 has also been maintained, reflecting Moody’s expectations of continued asset quality, capital strength and improved profitability. Thus, the bank has a Baa3/P-3 “positive” rating from Moody’s, in addition to a BBB+/F2 “stable” rating from Fitch.
Shreesh, CEO of United Arab Bank, said: “The bank’s performance in the first nine months of 2024 reflects the success of our strategy in achieving… Sustainable growthThis achievement confirms our commitment to providing continuous value to our shareholders and customers, and the upgrade of our credit rating by Moody’s highlights our governance practices and risk reduction procedures, in addition to the noticeable improvement in profitability indicators, and we continue to invest in innovation and digital capabilities, which enhances the customer experience and improves efficiency, and supports our long-term growth goals.”