Yangon, 30 April 2020 – uab bank reported a record group net profit after tax of MMK 14,630 million for the year ended 30 September 2019, soaring 97.5% from the previous year . Return on equity (ROE) jumped to 19.0% from 12.3% the year before, and cost to income ratio improved from 69.6% to 50.5%.
Total income for the year grew 34.3% to MMK 48,739 million led by a broad-based growth of our loan portfolio, more effective balance sheet management and prudent cost management.
uab bank’s MD & CEO Christopher Loh commented:
“2019 is a defining year for uab bank. We were named Myanmar’s Best Bank by Euromoney, ranked 1st in Corporate Governance Disclosure and Transparency amongst Myanmar banks in the Pwint Thit Sa (TiME) Report by Myanmar Centre for Responsible Business (MCRB) and relocated to a world-class and award winning new head office – uab Tower @ Times City.
We continued to demonstrate leadership in the corporate governance and sustainability space with the publication of our Annual Report 2019 with full disclosures, the second year in a row and the only bank in Myanmar to do so. This is our commitment towards good governance and public disclosure, providing our stakeholders and the public with greater assurance of our financial strength.
This year we delve deeper in the sustainability space with the adoption of Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) for our reporting to align more with international standards on environmental, social and governance (ESG). This is in addition to partnering with Worldwide Fund for Nature (WWF) to develop an ESG Policy for the banking sector in Myanmar.
2020 will no doubt be another challenging year, however I believe that with the foundation we have laid and the call to rise above, uabians will be able to emerge victorious once again. I look forward to another exciting year in leading change and humanising banking with all uabians, and in leading uab to become the best bank and best brand in Myanmar.”
About uab bank
uab bank is a leading bank in Myanmar, recognised for its successful transformation and leadership in the Myanmar banking sector amidst the regulatory changes and governance requirements, uab bank was named “Myanmar’s Best Bank” by Euromoney, “Best Bank for Corporate Governance Myanmar” by Global Banking & Finance, “Mid-sized Domestic Retail Bank of the Year” by Asian Banking & Finance, and was ranked No. 1 in Corporate Governance Disclosure by Pwint Thit Sa (TiME) Report published by the Myanmar Centre for Responsible Business.
Established in 2010, we are now serving our customers from a growing network of over 78 branches in 47 townships across Myanmar. uab provides a wide range of financial services including consumer banking, premier banking, SME banking, corporate banking, trade finance and treasury services. Through our subsidiary uab securities, we also provide brokerage services, corporate and financial advisory, investment banking and capital market activities.
At uab bank, we believe in leading the way towards a better Myanmar, humanising banking, connecting people, creating opportunities and changing lives. In December 2017, uab launched “Be The Change Myanmar” initiative that represents our commitment to driving change for a better Myanmar, specifically focusing on empowering women and children. We believe uab must operate responsibly and be committed to the community we are in.
Please read our annual report at: Annual Report 2019
Read Myanmar Version Here: Myanmar Version
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