UAB, one of the fastest-growing banks in the region, announces a record net profit of AED 410 million for the year ended 31 December 2012, an increase of 24% over 2011 and the highest annual net profit ever reported by UAB. A cash dividend of 25% of paid up capital is proposed by the directors for approval, amounting to AED 249.1 million.
Paul Trowbridge, the Bank’s Chief Executive Officer, commented on the year’s performance, “The Bank has performed outstandingly throughout 2012 which has culminated in another excellent financial performance. Year over year growth in net profit is 24%, which is an excellent result and one which the Bank can be extremely proud of. UAB continues to grow and deliver record financial results whilst not compromising on its prudent approach to credit. The strategic growth plans are delivering the success we envisioned and continue to remain embedded in the way we conduct and grow our business, adding value for both new and existing customers. Our commitment to quality is further supported through our expanded branch network, our new SME business segment and our improved product offerings. This has positioned UAB as one of the fastest growing banks in the region, with the size of the Bank doubling in the last two years, as measured by customer deposits, loans and total assets. The benefits of our regional “best practice” partnership and Shareholder alliance with The Commercial Bank of Qatar are clearly delivering the results we expected.”
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