Sharjah, UAE: United Arab Bank (UAB), one of the fastest-growing UAE banks, today announced that its net profit for the first quarter of the year has increased by 23 per cent over the same period last year thanks to the successful implementation of its expansion strategy and its increased focus on retail operations.

Paul Trowbridge, CEO of UAB, said in a statement that the bank's net profit was AED 75 million in the period ending March 31st, an increase of 23% over the same period last year, while operating profit increased by 38% to AED 111.7 million.

"We are pleased to announce that our performance to date in 2012 has been in line with our plans. This result also reflects our commitment to providing value to our traditional customers, whilst also reaching new customers through our expanded branch and product offering. "This is a very encouraging start to the year and is a continuation of our excellent performance last year," he added.

To view more UAB news, please click here.