Net Profit up 5% to AED344m
Total Income improved 3% to AED696m
Total Assets up 6% to AED26.6bn
Customer Loans and Advances increased 3% to AED18.3bn
Earnings per Share up 4% to AED0.25
July 14 2015, Sharjah, UAE: United Arab Bank P.J.S.C ("UAB" or "the Bank") announces its Financial Results for the six months ended 30 June 2015.UAB reports a Net Profit of AED344m for H1 2015, representing a 5% uplift on H1 2014.
Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors, said, “I am proud to announce a Net Profit of AED344m for H1 2015. This year marks a truly historic milestone for UAB as we celebrate its 40th anniversary following its inception in 1975. Throughout the past four decades, the Bank has successfully prospered in line with the country’s economic growth and adapted to the market’s changing needs, whilst remaining true to its customer-centric traditions. The relentless focus of the Board and Executive Team to build a strong Bank positions us well for sustainable growth in the future as we deliver on our commitments to our customers, shareholders and wider community.
Mr. Paul Trowbridge, Chief Executive Officer commented, “I am very pleased with the financial results we delivered for the first half of the year, which provides further testament to the sustainability of our long term strategy. During the period, we generated solid, underlying profitable growth and we are confident this gives us a platform to meet a more challenging economic outlook as we move into the second half of 2015. In parallel, we have continued to invest significantly in developing our people, enhancing our infrastructure and further improving our award winning customer propositions”
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