United Arab Bank 2010 Nine Months Financial Results

Continued Growth in the Nine Months ended September 2010 Net profit up 6% to AED 216 million

United Arab Bank P.J.S.C. today announced its financial results for the nine months ended 30 September 2010.

In challenging financial markets, United Arab Bank maintained earnings momentum recording net profit growth of 6% to AED 216 million for the nine months ended 30 September 2010, compared with AED 204 million achieved during the same period last year.

Earnings per Share improved to AED 0.22 in September 2010 compared with AED 0.20 in September 2009.

The Bank achieved good volume growth in the first nine months of the year with Loans and Advances increasing by 14% to AED 5.4 billion at 30 September 2010 from AED 4.8 billion at the end of December 2009 and total Customer Deposits growing by 11% to AED 4.9 billion compared with AED 4.4 billion at 31 December 2009.

Mr. Paul Trowbridge, the Bank’s Chief Executive Officer, said: “Despite continuing challenging market conditions, the Bank has shown sustainable and consistent growth in profitability. UAB will continue its cautious approach to lending and maintaining its good asset quality alongside its plans to expand business in retail, corporate and Islamic banking sectors to achieve its planned results for the full year in 2010. The Bank has opened two new branches in 2010 in Sharjah and Fujairah and will continue with its ambitious branch expansion programme to deliver a quality service to its customers in 2011.”

UAB became part of a GCC regional banking alliance in December 2007 upon the acquisition of a 40% interest in UAB by The Commercial Bank of Qatar (Cb), Qatar’s largest private sector bank. With the Commercial Bank of Qatar concluding a similar alliance with National Bank of Oman (NBO) two years previously, all three banks are more strongly positioned for future growth.
 

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