United Arab Bank’s First Quarter Gains Rise

SHARJAH - The United Arab Bank on Sunday reported a 21 per cent increase in its profit for the first quarter ended March 31, 2009 at Dh66 million compared to Dh55 million during the same period last year.

In challenging financial market conditions, United Arab Bank maintained earnings momentum. As a result, earnings per share improved to Dh0.083 in March 2009 compared to Dh0.068 in March 2008. Solid growth has been achieved despite a decline in volumes due to the slowdown resulting from adverse market conditions.

“Despite general market conditions, we shall continue to focus on quality in terms of assets and the services provided to customers, in order to achieve the results forecasted for 2009,” said Paul Trowbridge, the Bank’s Chief Executive Officer.

“The improved performance during the first quarter of 2009 is due to a combination of factors, specifically the efficient utilisation of our financial resources, an adaptable marketing strategy, a continued policy of diversification, a renewed focus on getting closer to our customers, lowering the cost of funding, and close monitoring of our operating costs and processes.”

· abdulbasit@khaleejtimes.com

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