Operating Profit up 40% to AED735m
Total Income up 37% to AED1.03bn
Customer Loans and Advances increased by 21% to AED18bn
Customer Deposits recorded growth of 31% to AED18bn
October 22 2014, Sharjah, UAE: United Arab Bank P.J.S.C ("UAB" or "the Bank") announces its Financial Results for the nine months ended 30 September 2014. UAB, recently recognized as the fastest growing bank in the region, announces a net profit of AED498m for Q3 2014, an increase of 20% over the same period in 2013.
Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors said, “United Arab Bank continues to impress, with Q3 2014 results reconfirming the solid foundations of the bank’s business model. At UAB, we strive to continually grow in this highly competitive market, as evidenced through our recent recognition as the fastest growing bank in the Middle East.”
Mr Paul Trowbridge, Chief Executive Officer commented on the Bank’s Q3 results, “I am pleased to report continuous income and profit growth in Q3 2014 in comparison to prior year. UAB’s growth trajectory remains on track, whilst adhering to our customer centric-strategy. Our strong momentum is driven from sustained improvement in business mix and efficiency of our funding which has ultimately led to significant increases in our Customer Deposits and Loans & Advances Portfolios.
To view more UAB news, please click here.
