By Massoud A. Derhally
Sharjah, UAE-based bank posts net income of US$32.2m in Q2 as loans increase 19 percent
United Arab Bank, a Sharjah-based lender listed on the Abu Dhabi Securities Exchange, reported a 64 percent increase in second quarter profit as the bank continued to expand operations.
Second quarter net income increased to AED118.3m (US$32.2m) compared with AED71.2m in the year ago quarter, the bank said in a regulatory filing to the Abu Dhabi bourse.
Customer loans and advances increased 19 percent in the first half of the year to AED9.6bn compared with AED 8.1bn at the end of 2011. Customer deposits increased 8 percent to AED 8.4bn in the first six months of this year.
The bank said it will continue to expand operations in 2012 to meet growing demand.
The lender "will continue to focus on maintaining the quality of its assets and building a diversified portfolio of customers,'' it said in a statement.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.