UAB profit rises 5.3pc 
to Dh141 million in H1

The Sharjah-based bank said in challenging financial markets its earnings per share improved to Dh0.141 in June 2010 compared with Dh0.134 in June 2009. The bank also maintained volume growth in the first half of the year despite the decline at the end of the first quarter with loans and advances increasing by 8.4 per cent to Dh5.2 billion at June 30, 2010 from Dh4.8 billion at the end of 
December 2009.

Paul Trowbridge, the bank’s Chief Executive Officer, said: “The Bank will continue its cautious approach to lending, maintaining its good asset quality alongside its plans to expand business in retail, corporate and Islamic banking which will help UAB achieve its planned results for the year 2010. UAB will also continue with its branch expansion programme in the second half to deliver a quality service to its customers.”

Total customers’ deposits grew by 4.3 per cent in the first half of the year. Since the launch of Islamic Banking Services in March 2010, the bank has managed to acquire deposits of Dh335 million by the end of June 2010. The bank continues to mobilise low cost funds and, despite increasing competitive pressure on yields, has improved the interest rate spread by 0.6 per cent. —abdulbasit@khaleejtimes.com