Abu Dhabi
Sharjah-based United Arab Bank (UAB) yesterday reported a net profit of Dh410 million in the financial year ended December 31, 24 per cent higher than its net income for 2011.
Commenting on the bank’s Paul Trowbridge, UAB’s chief executive officer, said: “The strategic growth plans are delivering the success we envisioned and continue to remain embedded in the way we conduct and grow our business, adding value for both new and existing customers.”
“Our commitment to quality is further supported through our expanded branch network, our new SME [small and medium enterprises] business segment and our improved product offerings. This has positioned UAB as one of the fastest-growing banks in the region, with the size of the bank doubling in the last two years, as measured by customer deposits, loans and total assets,” he added.
In the financial year to December 2012, UAB’s customer loans and advances increased 35 per cent to Dh10.9 billion from Dh8.1 billion from a year earlier, 2011 with customer deposits up by 29 per cent to Dh10.1 billion compared with Dh7.8 billion at the end of 2011. The bank delivered a full year operating profit of Dh431 million, a 33 per cent increase over Dh401 million achieved in 2011. The provision charge for 2012 was Dh122 million, compared with Dh71 million in 2011, UAB said in a statement.
“The year 2012 has been a year of great achievement. The foundations for further growth and success will continue to be built, enabling UAB to sustain its momentum into 2013,” said Trowbridge.
UAB had a network of 19 branches across the UAE at the end of 2012. A senior UAB executive recently told Gulf News that in 2013, the bank plans to open 10 more branches in the UAE to enhance its business growth, which, in recent times, has been spurred by the recovery in the local real estate market and growth in the country’s non-oil economy. In May, UAB said it was investing Dh40 million in its Abu Dhabi expansion programme.
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