By Andrei Skvarsky.
The United Arab Emirates’ United Arab Bank (UAB) has reported a net profit increase of 65 per cent for 2023.
UAB’s net profit for the year was 255m dirhams ($69.52m). Its total income for 2023 was 576m dirhams ($156.84m) or 15 per cent up on 2022 and its investments portfolio grew by 31 per cent, the bank said in a report for the 2023 financial year (in the UAE the financial year coincides with the calendar year).
Total assets swelled by 25 per cent to 17.6bn dirhams ($4.79bn). Islamic financing also went up in volume, according to the report.
UAB is based in the Emirate of Sharjah.
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