Sharjah-based United Arab Bank (UAB) has declared a cash dividend of Dh249.1 million ($67.8 million) at the rate of 25 per cent out of the record annual net profit of Dh410 million, after its annual general meeting held yesterday.

The net profit marks for 2012 an increase of 24 per cent over the net profit of Dh330 million in the previous year.

The record date for the entitlement to the dividend was set as March 10. The dividend cheques will be sent to shareholders by registered post within 30 days from the AGM date, a statement said.

The Board of Directors Report addressed by Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, chairman of the Board highlighted the Bank’s activities and financial position in 2012. The report comprised a summary of the strategic directions of the Bank as well as the financial outcome of the full year 2012.

During the meeting, the shareholders considered and adopted the External Auditors’ Report on the bank’s balance sheet and financial position for the year ended December 31, 2012. The results showed a full year operating profit of Dh531 million before provisions, a 33 per cent increase over Dh401 million achieved in 2011.

Sheikh Faisal said: “Our net profit of Dh410 million affirms our commitment to grow and deliver record financial results whilst not compromising on our prudent approach to credit. The results reflect the successful strategic fit between United Arab Bank and the Commercial Bank of Qatar, our strategic partner since its acquisition of 40 per cent of UAB’s share capital in 2007.”

The bank’s chief executive officer, Paul Trowbridge, said: “The meeting was successful and we took a number of decisions in the backdrop of the year 2012 being a year of great achievement. The bank has performed outstandingly throughout 2012 which has culminated in another excellent financial performance.”

“Year over year growth in net profit is 24 per cent, which is an excellent result and one which the bank can be extremely proud of. The feedback and recognition that we have received from customers, partners and the financial community last year has supported our commitment to provide customers with better products and services, through quality customer service, and financial growth to shareholders.

“In addition, the benefits of our regional ‘best practice’ partnership and Shareholder alliance with the Commercial Bank of Qatar are clearly delivering the results we expected. We will continue to work for the success and growth of the bank, enabling UAB to sustain its momentum into 2013,” he added. – TradeArabia News Service