United Arab Bank registers 12% rise in net profit to Dh204 million

United Arab Bank PJSC has declared its financial results for the nine months ended September 30.

During the period under review, the bank has clocked a net profit of Dh204 million, up 12%  as compared to Dh182 million achieved during the corresponding period previous fiscal.

The bank has registered earnings per share of Dh0.20 for the nine months to September 30 as against Dh0.18 in the like period last year.

The sources informed that shareholder' funds surged 19.4% at the end of September 2009 to Dh1.60 billion from Dh1.34 billion in December 2008.

Sources added that at the end of September, the lender has beefed up its liquidity positioned with Cash & Cash Equivalents witnessing an upward trend to Dh906 million from Dh546 million.

United Arab Bank has maintained steady growth in its functions and financial performance during 2009.

As per media reports, the bank plans to spread out its businesses in niche retail segments, such as Islamic financial services as well as wealth management, which are likely to enable it to meet its growth objectives as well as achieve better performance for fiscal 2009.