United Arab Bank(UAB) has announced its financial results for the period ended 30th June 2019, reporting a net profit of Dh36 million ($9.8 million) in the first half (H1) of 2019.

Total income recorded was Dh282 million, supported by an increase in interest income of six percent in H1 2019 compared to the same period in 2018, reported Emirates news agency Wam, citing a bank statement.

The bank’s liquidity profile remains strong as evidenced by a robust Loan to Deposit Ratio of 93 percent. Customer deposits (being 76 percent of total liabilities) have and will continue to represent the bank’s key source of funds, the statement added.

The bank’s provisions for credit losses of Dh88 million represent a healthy reduction of five percent compared to H1 2018 supported by prudent risk management and focused efforts to maintain adequate coverage.

Sheikh Faisal bin Sultan Al Qassimi, chairman of UAB, said: "In H1 2019, the bank showed consistent performance and sustainability in the development of its operations and improving the quality of its offerings, which resulted in boosting the H1 net profit. The bank is moving ahead according to a well-thought-out strategy that supports growth and shareholders' expectations.

"We are confidently looking forward to the future and continuously developing and improving our business model and activities in line with our customer base and sustainable growth strategy in the UAE."

Ahmad Abu Eideh, CEO of UAB, added: "These positive results do also motivate us to work harder towards ensuring the satisfaction of our customers and shareholders. In the coming period, we will pursue our ambitious vision and invest in modern technology to more effectively manage our resources and reduce risk, thereby enhancing our net profit and our customers' confidence in the quality of our assets and services."