Operating Profit up 10% to AED246m
Total Income improved 8% to AED352m
Net Profit stable at AED161m
Customer Deposits grew 12% to AED18.3bn
Customer Loans and Advances increased 6% to AED18.3bn
Total Assets up 12% to AED26.5bn
April 22 2015, Sharjah, UAE: United Arab Bank P.J.S.C ("UAB" or "the Bank") announces its Financial Results for the three months ended 31 March 2015.UAB reports a Net Profit of AED161m for Q1 2015, in line with performance in Q1 2014.
Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors, said, “I am pleased to report a Net Profit of AED161m in Q1 2015. This year marks a truly historic milestone for UAB as its sees the Bank celebrate its 40th anniversary following its inception in 1975. During these 40 years the Bank has experienced numerous changes as it has evolved, yet we have ensured throughout our journey customers have consistently remained at the heart of the business”.
Mr Paul Trowbridge, Chief Executive Officer commented, “UAB has ended the first quarter of 2015 with a strong set of financial results demonstrated by tangible growth across Operating Profit, Total Income and Total Assets. The Bank’s customer-centric strategy remains firmly on track, with both Customer Loans and Deposits continuing to grow despite the increasingly competitive environment.
Our products and services continue to be independently recognised as the best of their kind and given the quality of our propositions and continued expansion of our branch footprint and other alternative delivery channels, we embark on our fifth decade with an outstanding platform to build upon for the future.”
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