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United Arab Bank P.J.S.C ("UAB" or “the Bank”) reports its Financial Results for the Twelve Months to 31st December 2018.

UAB reported a Net Profit of AED77m in 2018 which represents an increase of 345% compared to 2017 as the successful execution of its Transformation Strategy paved the way for a return to sustainable profitability.  UAB embarked on its journey to become a safer, stronger and sustainable Bank. Central to this Transformation Strategy were four key pillars: pro-actively deleverage higher risk non-core portfolios; reduce costs; enhance the Bank’s risk and control frameworks; and strengthen key banking fundamentals.

“The fourth quarter of 2018 was not only destructive for share prices but also for earnings estimates across all of the world's major equity indices. But with the Fed’s historic pivot on monetary policy and improving data out of Asia, equity markets have shrugged off the carnage of Q4 2018. US equities have almost made a full comeback to last year’s all-time-high level with the S&P 500 only 2% from its September zenith. The drivers are monetary policy, optimism over a US-China trade deal, improving Asia macro figures and with the Q1 earnings season starting this week, maybe a fourth engine can be added to global equities.” says Peter Garnry, Head of Equity Strategy.

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