Operating Income up by 10% to AED 125 million
Loans & Advances up by 6% to AED 5.8 billion
Customer Deposits up by 8% to AED 5.2 billion
April 19 2011, Sharjah, UAE: United Arab Bank P.J.S.C. ("UAB" or "the Bank") announces its financial results for the first quarter ended 31 March 2011.
In ongoing challenging market conditions, UAB recorded a net profit of AED 61 million for the first quarter ended 31 March 2011.
Total operating income grew by 10% to AED 125 million for the three months ended 31 March 2011, compared with AED 114 million during the same period last year.
UAB took provisions amounting to AED 20 million against AED 10 million in corresponding quarter last year, in line with the Bank's conservative provisioning policy.
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