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FINANCIAL NEWS
UAB posts 60% increase in Q1 profit
19 Apr 2013
(MENAFN) United Arab Bank chairman, Sheikh Faisal bin Sultan bin Salem Al Qassim, stated that the bank’s first quarter net profit grew 60% from the previous year, netting to USD32.6 million, reported Emirates 24/7.
UAB loans and advances reached USD3.1 billion, an 8-percent rise from USD2.9 billion at the end of 2012.
Meanwhile, deposits grew from USD2.7 billion to USD3 billion, marking a 11-percent increase.
UAB has been expanding its presence in Dubai and Abu Dhabi as it continues to open new branches across the Emirates.
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