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Net profit (before tax) reported at AED 152 million for H1 2024, up by 26% yoy as compared to AED 121 million for H1 2023. Profit after taxes at AED 139 million were higher by 15% yoy.
Net profit before taxes for Q2 2024 were AED 77 million, up by 17% yoy and 3% sequentially.
EPS increased to AED 0.07 per share for the half-year period in 2024 as compared to AED 0.06 per share in H1 2023.
Total income increased by 10% yoy to AED 300 million for H1 2024 compared to AED 273 million for H1 2023 driven by higher net interest income which increased by 26% yoy.
Strong recoveries in the second quarter (Q2 2024) led to a net reversal in impairment charges of AED (0.2) million for H1 2024 as compared to net impairment charges of AED 18 million in H1 2023. This translates into an annualised cost of risk (CoR) on loans and advances at -11bps.
Annualised return on shareholders’ equity (RoSE) was 15.5% in H1 2024.
Total assets reached AED 19.8 billion in H1 2024, up 12% ytd as customer-led demand drove strong growth in lending, complemented by net inflows of 18% ytd in customer deposits.
Asset quality metrics improved further with NPL ratio declining to 4.5% with an adequate provision coverage maintained at 125%.
Healthy liquidity and funding profile with advances to stable resources ratio (ASRR) at 75% and eligible liquid asset ratio (ELAR) at 19%, both comfortably above regulatory thresholds.
Capital position remains robust with CET1 of 13.0% and total capital adequacy ratio (CAR) at 18.0%.
BBB+/Ba1 credit ratings affirmed by Fitch and Moody’s, with the outlook of ‘Stable’ and ‘Positive’ respectively. UAB’s credit rating was upgraded by Capital Intelligence to BBB+ from BBB.
