Operating Profit up 36% to AED979m
Total Income up 32% to AED1.373bn
Net Profit up 10% to AED605m
Earnings per Share up 11% to AED0.52
Growth in 2014
Customer Loans and Advances increased 17% to AED17.9bn
Customer Deposits up 24% to AED18.7bn
Jan 21 2015, Sharjah, UAE: United Arab Bank P.J.S.C ("UAB" or "the Bank") announces its Financial Results for the year ended 31 December 2014.
UAB has announced a full year Net Profit of AED605m, an increase of 10% over 2013. This performance represents the highest ever annual Net Profit for the bank, building on the ongoing success and momentum UAB has generated in recent years. Accordingly, the Directors propose that a cash dividend of 10% of the Paid up Capital is paid in 2015 amounting to AED114.6m, along with a scrip dividend of 20% of the Paid up Capital amounting to AED229.2m, subject to the approval of the UAE Central Bank and the General Assembly.
Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors said, “I am honoured to report a record Net Profit in 2014. Across the year we continued to make substantial progress on our journey to become a more efficient retail and commercial bank, whilst remaining true to our traditional values. UAB was, is and will always be, a bank focused on customers’needs and building lasting relationships”.
Mr Paul Trowbridge, Chief Executive Officer commented on the Bank’s results, “In 2014 the bank continued to intensify its focus on customers, improve efficiency and grow profitability. UAB’s growth journey remains on track, with our strategy continuing to yield sustainable results within an increasingly competitive environment.
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