February 2011, UAE: Embracing the double digit growth in a single digit economy isn't what Paul Trowbridge, Chief Executive Officer of United Arab Bank is proudest of - he's happier to be reconnecting the bank to its original customers, saying profits follow on naturally...
United Arab Bank (UAB) recently announced a record net profit for 2010 against a background of 'challenging financial markets'. The bank reported net profits up by 10 per cent for the year to AED 308 million ($8 3.87 million). The 2010 net profit exceeded AED 300 million for the first time in the bank's history. Total assets increased by 11 per cent to AED 7.74 billion ($2.1 billion) in 2010. Loans and advances increased by 16 per cent to AED 5,53 billion ($ 1.5 billion) at the end of 2010.
The capital adequacy ratio at the end of the year was at a high level of 20.4 per cent. demonstrating, according to the bank, sufficient capital to support future growth. Paul Trowbridge, UAB's Chief Executive Officer told Robin Amiot, "Capital is not an issue for us. We get asked the question every year, 'Are you going to raise more capital?' We don't need to do that. Basel III might be tough for some banks but we don't see it as an issue for us at all."
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