Abu Dhabi – Mubasher: United Arab Bank (UAB) posted a 6.3% year-on-year rise in its profits during the second quarter of 2017, according to a statement.
Profits reached AED 27.32 million ($7.44 million) in Q2-17, compared to AED 25.7 million ($7 million) in Q2-16.
The bank generated profits of AED 55.15 million in the first half of 2017, down 22.1% from AED 70.76 million in the same period of 2016.
Customer loans across the bank’s core corporate and retail units delivered an increase for the third consecutive quarter, whilst the non-core portfolio continued on its downward trajectory with further contraction of 33% recorded in the first half of 2017.
Operating expenses stood at AED 174 million in H1-17, representing a 13% reduction against H2-16.
