Sharjah, UAE: United Arab Bank P.J.S.C. today announced its financial results for the year ended 31 December 2010.
In challenging financial markets, United Arab Bank maintained its earnings momentum and recorded net profit growth of 10% to AED 308 million for the year 2010, compared to AED 281 million achieved during 2009. The 2010 net profit has actually exceeded AED 300 million for the first time in the Bank's history.
Earnings per share improved to AED 0.31 for 2010 compared to AED 0.28 in 2009.
Total Assets increased by 11% from AED 7.00 billion in 2009 to AED 7.74 billion in 2010. Loans and Advances increased by 16% from AED 4.77 billion in 2009 to AED 5.53 billion in 2010. The Capital Adequacy Ratio at end of the year was at a high level of 20.4% as against a minimum regulatory requirement of 12%, which demonstrates sufficient capital to support future growth.
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