Abu Dhabi – Mubasher: United Arab Bank (UAB) posted on Monday that it has turned to losses in the third quarter of 2017, compared to turning to profitability in the prior-year period.
Losses amounted to AED 5.39 million ($1.46 million) in Q3-17, versus AED 16.98 million ($4.62 million) in Q3-16, the bank said in a filing to the Abu Dhabi Securities Exchange (ADX).
Interest income fell 4% to AED 220.98 million in Q3-17, while interest expenses rose 11.4% to AED 90.77 million.
In the first nine months of 2017, profits dropped 43.4% to AED 49.75 million, compared to AED 87.74 million in the corresponding period of 2016.
Operating revenues declined 25% to AED 515.58 million in the nine-month period of 2017, versus AED 686.65 million in the same period of the year before.
UAB had previously announced that its profits rose 6.3% to AED 27.32 million in Q2-17 from AED 25.7 million in Q2-16.
