Arab Bank UAE achieves over 100% growth in Net Income in 2004

Arab Bank, the leading Arab financial institution, announced the achievement of its highest ever net profit in 2004 in the UAE. The net income of AED 87 million represents a growth of over 100% over 2003 results. The significant growth in profits was fuelled by an increase in the overall lending activities of the bank, where the lending portfolio reached AED 3.8 billion, which was a 28 per cent increase compared to 2003. Arab Bank UAE was able to control expenses which grew by only 6 per cent in 2004.
 
Commenting on its achievements, Mohammed Azab, UAE Area Manager, Arab Bank said, “Our record performance in 2004 is result of the committed efforts of the entire team at Arab Bank. The considerable surge in business across various segments propelled the profitability of the bank within the UAE. Further, the growth of net interest income, the consistent growth in commissions and fees, our expanding retail activities and the addition of leading multinational companies into our corporate portfolio have also been instrumental in our record performance.”
 
The bank recorded a 19 per cent rise in deposits, with total deposits reaching AED 5.1 billion at the end of 2004, compared to AED 4.3 billion in 2003. 
 
In 2004, Arab Bank participated in financing transactions for major governmental projects in the country such as Dubai Civil Aviation, Emirates Airlines – Bond, MUBADALAH – Abu Dhabi government project and many other major private sector projects as well.
 
“Providing high quality customer service remains at the core of Arab Bank’s corporate strategy. We are expanding our business lines to serve the various segments of customers throughout the Emirates. The bank has set a tradition of quality service based on solid financial foundations and long heritage of over 40 years in the UAE” added Azab.
 
Arab Bank has a vast network in almost every Arab country and has been operating in overseas markets since 1960. It was the first Arab bank to establish presence in Switzerland with the opening of an Arab Bank Overseas branch in Zurich in 1962 and in Geneva in 1964. This was followed by the opening of Arab Bank branches in the UK, France, Italy, Greece, Cyprus and Singapore. Later, the bank opened sister companies in Austria and Germany, followed by branches in the United States of America and a wholly owned subsidiary in Australia. Arab Bank also has a presence in the Far Eastern Countries.