22 July
UAB bank was recognized again as Myanmar’s Best Bank at the prestigious Euromoney Awards for Excellence 2020. The award in 2020 is the second year in a row for UAB bank, who was also crowned as Myanmar’s Best Bank in 2019 by Euromoney.
The Euromoney Awards for Excellence is an annual event which selects the best ranking banks in the region. All the awards have one central theme – they recognise institutions and individuals that demonstrate leadership, innovation, and momentum in the markets in which they excel.
With net profit doubled in 2019 year on year to 13.6 billion (approx US$ 10 million), together with total income up by 35%, deposits up by 10.8% and the bank’s loan book growing by 12.8%, UAB bank’s returns on equity and assets swelled to 18.5% and 1.2% respectively for the period ending 30th September 2019. Meanwhile, the bank’s capital adequacy ratio continued to be one of the highest in the industry, rising to 9%, from 7.9% a year earlier.
Commenting on the award, Christopher Loh, MD & CEO of UAB bank said, “It is such an honour to be recognized as Myanmar’s Best Bank again by Euromoney in 2020. Despite the challenges and the competition, we continued to build on the solid foundation that has transformed the way we run our bank and business.
In addition to sustaining a strong balance sheet and financials which are the key factors for this award, we have invested significantly in fintech and launched the iconic first celebrity app – SaiSai Pay and UABPay+ which forms the building blocks of our digital ecosystem.
We are very proud to win this Myanmar’s Best Bank award for 2 consecutive years and will continue to take UAB bank further with greater innovation, transparency and by leading change and humanising banking here in Myanmar.”
GNLM
