Arbift profit up 10pc

"Despite the low interest rates regime and constraints the bank faced, the increase in profits is a result of various strategic initiatives the bank has undertaken in the recent past," said Ibrahim Naser Lootah, general manager of Arbift.

He said the bank's conscious decision to introduce retail loans and effective cost controls have yielded the desired results.

Mr Lootah said customer deposits jumped to Dh1275 million from Dh894 million posting a rise of 42 per cent while total loans and advances inched up two per cent to Dh1352 million from Dh1335 million.

Non-interest revenues registered a growth of nine per cent, reaching to Dh15 million reflecting a continued sound Trade Finance business. Operating expenses remained well controlled at Dh11 million, a seven per cent reduction from that same period of last year.

"Having performed as per budget during the first quarter this year, we are confident of maintaining this and achieve impressive results for the full year," concluded Ibrahim Naser Lootah.

He added: "The bank has aggressive plans to refurbish all its branches with customer friendly interior. Make the best of its association with the UAE Ministry of Finance & Industry through e-dirham offices and e-guarantee offices already opened and to be opened in all the emirates."