Net Profit up 34% to AED161m
Operating Profit up 44% to AED223m
Total Income up 45% to AED327m
Earnings per Share up 34% to AED 0.141
Customer Loans and Advances increased by 47% to AED17.2bn
Customer Deposits recorded growth of 46% to AED16.4bn
April 23 2014, Sharjah, UAE: United Arab Bank P.J.S.C ("UAB" or "the bank") announces its Financial Results for the three months ended 31 March 2014.
UAB, one of the fastest-growing banks in the region, announces a net profit of AED161m, for the first three months of the year, an increase of 34% over the same period in 2013.
Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors said, “The Bank’s exceptional performance in 2013 has continued into the first quarter of 2014, reaffirming its position as the fastest growing bank in the Middle East. UAB’s sustained growth and momentum of recent years continues, strengthening our position in a highly competitive market. As we continue to gain traction, we are confident of our ability to deliver solid results and offer true value to customers, shareholders and partners.”
Mr Paul Trowbridge, Chief Executive Officer commented on the Bank’s quarterly results, “We continue to go from strength to strength as is evident from our performance in the first quarter of 2014, following the Bank’s strong 2013 results. Our Loans & Advances have significantly increased and so have our Customer Deposits, indicating our customer-centric approach as one of the main reasons we continue to perform outstandingly well. In addition, our focus continues to be on identifying and developing new income drivers, with success demonstrated by growth across all key income metrics.”
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