(MENAFN - Khaleej Times) United Arab Bank, or UAB, on Wednesday declared a 32 per cent increase in its net profit for the first nine months of the year and the highest net profit ever for UAB in the first nine months of the year.
The Sharjah-based bank reported Dh298 million net profit for January to September period and Dh382 million operating profit for the same period.
"The bank's outstanding performance in the first half of the year has successfully continued into the third quarter delivering a record profit over the nine month period. The bank continues to grow and deliver excellent financial results whilst not compromising on its prudent approach to credit or value to its customers," the bank's chief executive officer Paul Trowbridge said in a statement.
In the nine months ended 30 September 2012, customer loans and advances increased by 24 per cent to Dh10 billion from Dh8.1 billion at December 31 2011. Customer deposits also increased by 11 per cent to Dh8.7 billion compared with Dh7.8 billion for the same period in 2011.
Total operating income was up 33 per cent to Dh551 million, driven by a 34 per cent increase in net interest income to Dh407 million and 30 per cent growth in non-interest income to Dh145 million, attributable to the growth in both corporate and retail businesses.
The provision charge for the nine months of 2012 was Dh85 million, compared with Dh57 million for the same period in 2011, and reflects the prudent and proactive approach adopted by the bank towards management of its risk and growing asset portfolio.
Trowbridge further added, "UAB's results continue to be extremely positive. We are building the foundations for further growth and success, supported by regular feedback and recognition that we receive from customers, partners and the financial community.''