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
 Jul 5 2015 - Emaar Misr to add USD2.26b to market capitalizationMENAFN
(MENAFN) Emaar Misr will add USD2.26 million to the market capitalization after being listed over the Cairo bourse, according to the bourse chief, Amwal Alghad reported.The affiliate of the United ...

 Jul 5 2015 - Saudi Looks for 'Guinness' Record with 50,000 Coins MuralSaudi Press Agency
(MENAFN - Saudi Press Agency) A Saudi citizen seeks to set a Guinness Record with drawing the largest painting mural in the world with more than 50,000 coins, in support of his talent initiated since ...

 Jul 5 2015 - PM: Jordan is a stable country with well-defended bordersJordan News Agency
(MENAFN - Jordan News Agency) Prime Minister Abdullah Ensour said Jordan is a stable country, owing its security to the wisdom of its leadership and its people's awareness, which are its source of ...

 Jul 5 2015 - Jordan- Moderate weather forecast until TuesdayJordan News Agency
(MENAFN - Jordan News Agency) The weather will be moderate until Tuesday in the hilly areas while it will be relatively hot to hot in the Badia, the Jordan Valley and Aqaba with high clouds and ...

 Jul 5 2015 - Israeli forces arrest 9 PalestiniansJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation troops arrested 9 Palestinians in the occupied West Bank, the Palestinian Interior Ministry said in a statement Sunday.The occupation forces broke ...

 Jul 5 2015 - Jordan- Border guards receive 275 new Syrian refugeesJordan News Agency
(MENAFN - Jordan News Agency) A total of 275 Syrian refugees from various age groups, entered the Kingdom through various crossing points during the past 72 hours.The border guards provided the ...

 Jul 5 2015 - Kuwait- His Highness the Amir cables President of Venezuela on nat'l dayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent on Sunday to the President of Venezuela Nicolas Maduro a cable of congratulation on the ...

 Jul 5 2015 - Kuwait- Message from His Highness the Amir delivered to Nicaraguan PresidentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The State of Kuwait's non-resident ambassador to Nicaragua, Samih Johar Hayat, has delivered a message from His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber ...

 Jul 5 2015 - Kuwait- His Highness the Amir cables President of Cape Verde on nat'l dayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent on Sunday to the President of Cape Verde Jorge Carlos Fonseca a cable of congratulation on the ...

 Jul 5 2015 - Terrorism main topic of Arab Parliament's urgent meetingKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Arab Parliament (AP) held an urgent meeting here Sunday which focused on the recent terrorist attacks that hit a number of Arab countries.A press release by ...

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