2012 16 July 2012, Sharjah, UAE: United Arab Bank, one of the fastest growing UAE banks, today announced the best first half-year results in its history, with a record-breaking net profit of AED 193 million, representing an increase of 45% over the same period of 2011.
Speaking at a press conference, Paul Trowbridge, the Bank's Chief Executive Officer, said: "Our financial results for the first six months of the year are excellent and represent the highest net profit for the first half ever reported by the Bank. It's a fantastic achievement, and the full benefits of the regional best practice partnership and Shareholder alliance with the Commercial Bank of Qatar are clearly evident."
Trowbridge pointed out that in the six months ended 30 June 2012, customer loans and advances increased by 19% to AED 9.6 billion from AED 8.1 billion at 31 December 2011. Customer deposits also increased by 8% to AED 8.4 billion from AED 7.8 billion over the same period.
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