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UAB first-half net profit rises 26% to Dh328 million

United Arab Bank, or UAB, on Sunday reported 26 per cent growth in 2014 first-half net profit to Dh328 million due to significant increase in loans, advances and customer deposits during January-June period.

In a statement, the fastest growing bank in the region said its operating profit climbed 43 per cent to Dh475 million while total income soared 41 per cent to Dh676 million as net interest income and non-interest income advanced 40 per cent and 46 per cent, respectively.

Non-Interest Income, a general benchmark indicating the depth of customer relationships, expanded strongly in the first half to Dh183 million, driven primarily by other operating income (Dh80 million) and net fees and commissions (Dh61 million). With non-interest income representing 27 per cent of total income in 2014 first half, the bank’s strategic emphasis on building and developing customer relationships continues to reap rewards.

Shaikh Faisal bin Sultan bin Salem Al Qassimi, chairman of the UAB board of directors said the bank continues to deliver exceptional performance and sustained growth in first half.

— muzaffarrizvi@khaleejtimes.com