Net Profit up 35% to AED552m
Operating Profit up 36% to AED721m
Total Income up 36% to AED1.04bn
Earnings per Share up 35% to AED0.54
Growth in 2013
Customer Loans and Advances increased by 40% to AED15.29bn
Customer Deposits recorded growth of 49% to AED15.03bn
Jan 22 2014, Sharjah, UAE: United Arab Bank P.J.S.C ("UAB" or "the bank") announces its Financial Results for the year ended 31 December 2013.
UAB, the fastest growing bank in the Middle East, has announced full year 2013 Net Profits of AED552m, an exceptional increase of 35% over 2012. This impressive performance represents the highest ever annual Net Profits for the bank, again emphasizing the continuing success and momentum UAB has generated in recent years.
A cash dividend of 20% of paid up capital amounting to AED 199.3m and a scrip dividend of 10% of paid up capital amounting to AED 99.6m are proposed by the directors for approval by the Bank's shareholders, subject to the prior approval of the Central Bank.
The Bank's Chairman of the Board of Directors, Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, commented: "UAB's record full year net profits and performance are testament to the bank's ability to build on the momentum of past years, achieve continued growth and generate value for our shareholders. The bank's sustained growth and strong traction in a highly competitive market can be attributed to the dynamic strategy and effective leadership that is focused on delivering to all stakeholders."
Paul Trowbridge, the bank's Chief Executive Officer, said of the year's results, "I am very pleased with our 2013 results. This strong finish to an amazing year is a clear demonstration of the consistency and discipline in the execution of our strategy. Backed by strong fundamentals and the commitment of our management team in an improving economic landscape, the bank was successful in growing the loan book and customer deposits significantly. We continue to reap the benefits of our strategic alliance with Commercial Bank of Qatar. Our associations with National Bank of Oman and Alternatifbank in Turkey have positioned us well for future growth and created opportunities for integrated services across the GCC and Turkey."
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