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United Arab Bank 2012 net profit surges by 24% to $111.6m

United Arab Bank (UAB) has reported that its net profit increased by 24% to AED410m ($111.6m) for the year 2012, compared to AED330m ($89.84m) during the comparable period last year.

Its operating profit stood at AED531m ($144.56m), up by 33% from AED401m ($109.6m) during the same period a year ago.

Total operating income increased by 32% to AED765m ($208m), backed by a 31% increase in net interest income to AED567m ($154.3m) and 32% growth in non-interest income to AED198m ($54m), due to growth in both corporate and retail businesses.

The provision charge for 2012 stood at AED122m ($33m), against AED71m ($19.3m) during the corresponding period in 2011.

Its customer loans and advances increased by 35% to AED10.9bn ($2.96bn) from AED8.1bn ($2.2bn) at 31 December 2011 with customer deposits grew by 29% to AED10.1bn ($2.74bn) against AED7.8bn ($2.12bn) at the 2011 year-end.

Founded in 1975 as a joint venture between UAE investors and Societe Generale, UAB is headquartered in Sharjah and operates 20 branches throughout the country offering a range of financial services in both Corporate and Retail.