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Financial Results Q1 2019

Q1 2019 Highlights

  • Interest income increased by 6% compared to prior year
  • Non interest income recorded an uplift of 3% compared to prior year
  • Operating Expenses decreased by 3% vs. Q1 2018
  • Provisions for Credit Losses decreased by 9% vs. Q1 2018
  • Loans: Deposits ratio improved to 90%
  • Capital Adequacy at 15.8%
  • CET1 ratio at 14.7%

Sharjah, UAE, 1st May 2019 - United Arab Bank P.J.S.C ("UAB" or “the Bank”) announces its Financial Results for the three months ended 31st March 2019.

UAB reported a Net Profit of AED22m in Q1 2019 supported by an increase in interest income of 6% and an uplift in non-interest income of 3% compared to Q1 2018.  The Bank has reported 3% lower operating expenses and a reduction in provisions for credit losses by 9% compared to the prior year which provides further evidence that the Bank is well placed to set sail on its growth journey.

H.E. Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors of “United Arab Bank”, said, “The Bank had a good start to the year, with a solid underlying performance for the first 3 months of 2019.

The Board and I are optimistic about the Bank’s future, we are confident that the Bank will contribute in developing its operations and improving the quality of its offerings, which help to provide convenience for its customers, and generate sustainable returns to our shareholders.”

Ahmad Abu Eideh, Chief Executive Officer of “United Arab Bank”, commented, “I am pleased to report that our financial performance is aided by a significant progress within our ‘core’ business recording 6% uplift in Interest Income with an improved asset quality and reduced operating expenses.

We believe UAB is well positioned to take advantage of the UAE's economic development and diversification, ensuring that our financial strength and focus on the banking experience delivers a compelling offering to our customers, as well as to sustainably promote and foster further success, growth, and prosperity.”

Financial Review

UAB continues to strengthen its core businesses; streamline the cost base; and maintain key banking fundamentals. 

Total Income recorded AED152m supported by an increase in Interest Income of 6% in Q1 2019 compared to the same period in 2018 as well as an increase in non-interest income of 3% compared to the prior year.

The Bank’s liquidity profile remains strong as evidenced by a robust Loan to Deposit Ratio of 90%.  Customer Deposits (being 78% of Total Liabilities) have and will continue to represent the Bank’s key source of funds.

The Bank has continued to record significant progress in deleveraging its ‘non-core’ higher risk portfolios as they have been managed down to 1% of Total Loans at the end of Q1 2019.

The Bank's provisions for Credit losses of AED49m represent a healthy reduction of 9% compared to Q1 2018 supported by prudent risk management and focused reduction in risk weighted assets. Going forward, UAB’s transition to a lower risk model should see these moderate further in the medium term.


Ahmad Abu Eideh, Chief Officer Executive Officer, concluded, “We go forward into 2019 with a positive outlook. Our focus is to enhance and enrich the Bank, its products and services in order to continue its legacy as a leading trusted Bank in the UAE, as well as to deepen our existing and new relationships with our customers, create more value for our shareholders, give more support for communities and deliver a strong contribution in the development of the UAE economy."

To know more about UAB, please visit our corporate webpage at: www.uab.ae

For more information, please download the PDF here.

To view more UAB news, please click here.

For further information, please contact:

Sirine El Merhebi

Corporate Communications Department

Direct Line: +971 6 5075415



You can reach us using any of the following numbers

UAB Toll Free

800 474

International callers

+971 6 5987332

Sadara Toll Free

800 72 32 72

Sadara international

+971 6 5987333

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