Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - United Arab Bank 2013 profit soars 35%  Join our daily free Newsletter

MENAFN - Khaleej Times - 23/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) United Arab Bank (UAB) on Wednesday said its 2013 net profit surged 35 per cent due to its customer-centric strategy.



The Sharjah-based fastest growing bank in the Middle East said its net profit amounted to Dh552 million in 2013. This impressive performance represents the highest ever annual profits for the bank, emphasizing the continuing success and momentum UAB has generated in recent years



A cash dividend of 20 per cent of paid-up capital amounting to Dh199.3 million and a scrip dividend of 10 per cent of paid-up capital amounting to Dh99.6 million are proposed by the directors for approval by the bank's shareholders, subject to the prior approval of the central bank



"UAB's record full-year net profits and performance are testament to the bank's ability to build on the momentum of past years, achieve continued growth and generate value for our shareholders. The bank's growth and strong traction in a competitive market can be attributed to the strategy and leadership that is focused on delivering to all stakeholders," said Shaikh Faisal bin Sultan bin Salem Al Qassimi, Chairman of the board of directors of UAB. The bank, which is rated by Moody's as Baa1 with a stable outlook, said its customer loans and advances increased by 40 per cent to Dh15.29 billion in December 2013 from Dh10.88 billion in December 2012. It further said customer deposits recorded equally impressive growth to reach Dh15.03 billion, surging 49 per cent in the same period



"Backed by strong fundamentals of our management team in an improving economic landscape, the bank was successful in growing the loan book and customer deposits significantly," said Paul Trowbridge, CEO of UAB. The bank recorded operating profit of Dh721 million, a 36 per cent increase over profits of Dh531 million reported in 2012. Total Income also improved at the same rate to Dh1.04 billion, with robust underlying performance across both net interest income and other income, up 39 per cent and 26 per cent, respectively, versus prior year. Provision charges across the full year were Dh168 million, compared to Dh122 million for the same period in 2012. The bank continues to take a prudent approach to risk management, with the loan loss coverage ratio standing at 117 per cent and in compliance with UAE Central Bank regulations



"We continue to reap the benefits of our strategic alliance with Commercial Bank of Qatar. Our associations with National Bank of Oman and Alternatifbank in Turkey have positioned us well for future growth and created opportunities for integrated services across the GCC and Turkey," said Trowbridge

 


Khaleej Times




  MENA News Headlines
 Mar 31 2015 - Kuwaiti state allotments for citizens employed in private sector at KD 2.4 blKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The State of Kuwait spent approximately KD 2.480 billion (around USD 8 billion), worth of social and children allowances, for citizens employed by the private ...

 Mar 31 2015 - Kuwait stocks close in red, 3 indices downKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Kuwait Stock Exchange (KSE) closed in the negative zone on Monday, and the three main indexes edged down.The Price Index closed 36.7 points down, to 6286.03 ...

 Mar 31 2015 - Kuwait's philanthropic fund extends mandate in Lebanon for yearKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait Fund for Arab Economic Development (KFAED) will continue functioning in Lebanon for another year, the fund chief announced on Monday, thus rescinding a ...

 Mar 31 2015 - GCC states agree on formulating framework of value added taxKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Undersecretaries of the ministries of economy and finance of the Gulf Cooperation Council (GCC) states have agreed, in their 46th meeting in Doha, to formulate a ...

 Mar 31 2015 - Kuwait CBK's Institute of Banking Studies, HBS jointly launch regional training programKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Al-Hashel said the Bank's Institute of Banking Studies (IBS) and the Harvard Business School (HBS) will ...

 Mar 31 2015 - Kuwait's consumer subcommittees to control market, boost economy - officialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Ministry of Commerce and Industry body targeting protection of consumers against negative practices on the market has finalized the formation of subcommittees, ...

 Mar 31 2015 - Malaysia-Kuwait trade up by 109.3 pct in 2014 - MATRADEKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Trade exchange between Malaysia and Kuwait rose by 109.3 percent last year to USD 1.87 billion, compared to USD 850.8 million in 2013, Malaysia External Trade ...

 Mar 31 2015 - Kuwait plans museum to display unique copies of Holy BookKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait plans to establish a museum keeping and displaying a unique collection of copies of the holy book, the Quran, brought from various countries and Quranic ...

 Mar 31 2015 - Jeddah Metro Company, UK Foster and Partners sign USD79.94m dealMENAFN
(MENAFN) Jeddah Metro Company officials signed a USD79.94m deal with the British architectural design giant Foster and Partners for designing all of the metro stations, Saudi Gazette reported.Under ...

 Mar 31 2015 - Qatari firms to acquire USD5b Chinese Petrochemical GroupMENAFN
(MENAFN) Hamad Bin Suhaim Enterprise, jointly with Qatra for Investment & Development (QID Group), is set to acquire almost 50 percent of the USD5 billion Chinese Shandong Dongming Petrochemical ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help