Abu Dhabi – Mubasher: United Arab Bank’s (UAB) profits declined 72.13% to AED 45 million ($12.25 million) in the first quarter of the fiscal year 2016, compared to AED 161.5 million ($43.97 million) in Q1-15.
During the fourth quarter of fiscal 2015, net profit reached AED 238 million ($64.80 million).
Provisions for credit losses reached AED 114 million ($31.04 million) in Q1-16, versus AED 288 million ($78.41 million) in the same period of 2014.
UAB earlier reported losses of AED 166.15 million ($45.24 million) in FY15, against profits of AED 605.4 million ($164.8 million) a year earlier.
