Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- United Arab Bank profit up 32% to Dh298 million  Join our daily free Newsletter

MENAFN - Khaleej Times - 18/10/2012

No. of Ratings : 0
Add to Mixx!


 


(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.''

 






  MENA News Headlines


 
Click to Apply






Google

 
 

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
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help