United Arab Bank (UAB), a leading bank in the UAE, has registered a record net profit of Dh298 million ($81 million) in the third quarter, up 32 per cent over the same period last year.

Announcing the results on Wednesday, CEO Paul Trowbridge said this was the highest net profit ever for the UAB in the first nine months of the year.

During the period, customer loans and advances increased by 24 per cent to Dh10 billion from Dh8.1 billion last year.  The customer deposits also increased by 11 per cent to Dh8.7 billion compared with Dh7.8 billion for the same period in 2011.

The bank has delivered a year-to-date operating profit of Dh382 million, a 36 per cent increase over Dh281 million achieved for the same period in 2011.

The bank's total operating income too registered a 33 per cent growth to hit Dh551 million, driven by a 34 per cent increase in net interest income which hit Dh407 million.

On the year-to-date performance, Trowbridge said the Sharjah-based bank's outstanding performance in the first half has successfully continued into the third quarter delivering a record profit over the nine-month period.

"The bank continues to grow and deliver excellent financial results whilst not compromising on its prudent approach to credit or value to its customers," he remarked.

"Our strategic growth plans remain embedded in the way we conduct our business and successfully translates into providing value to our traditional customers, whilst also reaching new customers through our expanded branch network, new SME business segment and product offerings," said the UAB chief.

"The benefits of our regional “best practice” partnership and Shareholder alliance with the Commercial Bank of Qatar are clearly evident," he added.

The bank witnessed a 30 per cent growth in its non-interest income which rose to Dh145 million, attributable to the growth in both corporate and retail businesses.

Trowbridge pointed out that UAB’s growth was well supported through the recruitment of top Emirati and international talent.
 
A number of new branches are also targeted for launch in 2012, which will significantly expand the bank’s presence in Abu Dhabi and the Northern Emirates, said the official.

Trowbridge said the results for the Sharjah-based bank continue to be extremely positive.

"We are building the foundations for further growth and success, supported by regular feedback and recognition that we receive from customers, partners and the financial community," he added.-TradeArabia News Service