October 18 2012, Sharjah, UAE: United Arab Bank P.J.S.C. ("UAB" or "the Bank") announces its financial results for the nine months ended 30 September 2012.
UAB, one of the fastest-growing banks in the UAE, today announced a record net profit of AED 298 million for the nine months ended 30 September 2012, an increase of 32% over the same period of 2011 and the highest net profit ever for UAB in the first nine months of the year.
Paul Trowbridge, the Bank's Chief Executive Officer, commented on the year-to-date performance, "The Bank's outstanding performance in the first half of the year has successfully continued into the third quarter delivering a record profit over the nine month period. The Bank continues to grow and deliver excellent financial results whilst not compromising on its prudent approach to credit or value to its customers. Our strategic growth plans remain embedded in the way we conduct our business and successfully translates into providing value to our traditional customers, whilst also reaching new customers through our expanded branch network, new SME business segment and product offerings. The benefits of our regional "best practice" partnership and Shareholder alliance with the Commercial Bank of Qatar are clearly evident."
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