United Arab Bank (UAB), one of the fastest-growing UAE banks, has announced that its net profit for the first quarter of the year has increased by 23 per cent over the same period last year thanks to the successful implementation of its expansion strategy and its increased focus on retail operations.
Paul Trowbridge, CEO of UAB, said in a statement that the bank’s net profit was Dhs75 million in the period ending March 31st, an increase of 23 per cent over the same period last year, while operating profit increased by 38 per cent to Dhs111.7 million.
“We are pleased to announce that our performance to date in 2012 has been in line with our plans. This result also reflects our commitment to providing value to our traditional customers, whilst also reaching new customers through our expanded branch and product offering.
“This is a very encouraging start to the year and is a continuation of our excellent performance last year,” he added. In the three months ended 31 March 2012, loans and advances increased by 12% to Dhs9.0 billion from Dhs8.1 billion at the end of December 2011. Customer deposits also increased to Dhs7.9 billion from Dhs7.8 billion over the same period.
Trowbridge pointed out that the Sharjah-based bank, which is rated by Moody’s as Baa1 with a stable outlook, has established a track record of out-performing the market with regard to its growth, without compromising on its prudent approach to credit.
“We not only want to manage our growth but we ensure that we prudently manage our risk as a result of this growth,” he said.