United Arab Bank posts 18% rise in net profit

Sharjah-based bank also records 22% increase in operational revenues in 2008.
United Arab Bank posts 18% rise in net profit
By Andy Sambidge
Fri 20 Mar 2009 11:35 AM

The Sharjah-based United Arab Bank (UAB) on Friday reported a net profit of 18 percent for 2008 despite the global financial crisis.

It achieved profit of AED250.2 million ($68 million) during the fiscal year ending December 31, 2008, compared to AED211.3 million for the previous year.

According to the 2008 UAB business report, the bank also recorded a 22 percent increase in its net operational revenue to reach AED397 million.

The bank's total assets stood at AED7.5 billion, appreciating by 22 percent compared to 2007, news agency WAM reported.

Its total loans and lending also rose by 39 percent to reach AED5.5 billion, while its total customer deposits also surged by 20 percent to reach AED5 billion.

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