Sharjah-based United Arab Bank (UAB) said its net profit for the first quarter hit Dh75 million ($20.4 million), up 23 per cent over last year mainly due to the successful implementation of the bank's expansion strategy and increased focus on retail operations.

Announcing the first quarter results, UAB said its operating profit increased by 38 per cent to Dh111.7 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," remarked CEO Paul Trowbridge.

"This is a very encouraging start to the year and is a continuation of our excellent performance last year," he added.

Meanwhile the bank said it plans to invest Dh40 million in its Abu Dhabi expansion programme that would see the bank's branch network in the country grow from 14 to 20 the end of this year.

“Abu Dhabi is a strategic focus for UAB as we see huge potential for growth in the capital across both the corporate and retail arms of our business,” said chairman Shaikh Faisal Bin Sultan Bin Salem Al Qasimi at the opening of the bank’s newest branch in the capital on Airport Road.-TradeArabia News Service