Abu Dhabi – Mubasher: The United Arab Bank (UAB) held its annual general assembly meeting, during which it approved increasing the capital through the issuance of rights shares amounting to AED 1.03 billion.
The capital hike aims to strengthen the bank's financial position and reinforce its capabilities to meet future requirements, according to a press release.
Meanwhile, the subscription rights will be offered after obtaining the necessary approvals from the relevant regulatory authorities.
Mohammed bin Faisal bin Sultan Al Qasimi, Chairman of UAB, stated: "UAB’s strong performance is a testament to the success of our growth strategy, resilience in our core business and reinforces our unwavering commitment to delivering long-term value to our shareholders.”
“Our relentless focus on digitisation and transformative innovation is reshaping the future of banking, enhancing our digital capabilities and operational excellence, and driving continuous progress in efficiency and customer value,” Al Qasimi mentioned.
The lender recently disclosed its financials for 2024, posting 18% higher net profits after tax at AED 301 million, compared to AED 255 million in 2023.
