UAE Equity Research - United Arab Bank (UAB) 1Q25 - First Look Note
Net funded income declined 11.2% YOY to AED 290 Mn in 1Q25 due to interest rate cuts implemented in 2H24, partially offset by higher lending growth. Non-funded income expanded 53.2% YOY to AED 48 Mn in 1Q25, attributed to enhanced product proposition, cross-selling and gain on sale of properties.