Monday 16, October 2017 by William Mullally

UAB posts Q3 results

Samer Tamimi, Acting Chief Executive Offi­cer, commented, “We have seen another period of good financial and operating performance in Q 2017 with the Bank reporting an underlying Net Profit of AED 50 million. With the transformation strategy nearing completion since it started in H 2015, non-core assets now represent two per cent of the loan base. The benefits of branch rationalisation have resulted in operating expenses being robustly managed recording nine per cent reduction against prior year. These positive results provide further tangible evidence that our revised strategy is appropriate given the economic environment.”

Features & Analyses

Economics Adapting to a new era

  Abdullah Al-Fozan, Chairman of KPMG MESA and KPMG Saudi Arabia, provides an exclusive commentary on the Kingdom’s business… read more