UAB registers Dh65.5m net profit in first quarter

Dubai: Sharjah-based United Arab Bank (UAB) said it aims to deliver profit growth consistent with past performance, as it posted first quarter net profit slightly below the same period last year.

UAB posted first-quarter net profit of Dh65.5 million Monday, just slightly below earnings of Dh65.8 million in the same period last year.

"UAB aims to deliver the sort of solid growth consistently with what we've done in the past," chief executive officer Paul Trowbridge said yesterday. "We believe we can deliver that."

In a separate interview last week, Trowbridge said the banking industry still faced challenges in the wake of the global financial crisis and that it would now have to adjust to "a new normal" after years of experiencing heady growth on the back of a booming real estate market.

Trowbridge said UAB had mostly avoided real estate, opting instead to focus on lending to mostly medium-sized businesses.