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United Arab Bank Profit Jumps 18 Per Cent

ABU DHABI - United Arab Bank, an Abu Dhabi-based commercial bank, on Thursday declared its full year net profit for the year 2008 at Dh250.2 million — up by 18.4 per cent compared to Dh211.3 million in 2007.

Against a volatile economic backdrop in 2008, the bank maintained strength and momentum with solid earnings growth, said a statement.

As a result, earnings per share also improved by 19.2 per cent to Dh0.31 in December 2008, compared to Dh0.26 in December 2007. The bank’s operating income after provisions increased by 22.6 per cent from Dh324 million in 2007 to Dh397.3 million.

As at December 31, 2008, the bank’s Total Assets stood at Dh7.5 billion reflecting 22.2 per cent growth over the prior year.

“The bank’s performance during 2008 was satisfactory and the results achieved are in line with anticipated projections despite the economic downturn and fluctuating market conditions,” said Bertrand Giraud, the bank’s Chief Executive Officer

“The bank continues to focus on broadening and diversifying its customer base, growing and maintaining good quality assets, improving service quality, and applying adequate control measures,” added Giraud.