United Arab Bank (UAB) boosted its profits sharply in the second quarter, taking market share from crippled international lenders battling debt troubles at home but leaving itself overextended.
The lender based in Sharjah reported net profits of Dh118.2 million (US$32.1m) in the second quarter, a 64.4 per cent increase compared with the same period last year as a result of improved operating income.
UAB had captured market share as international banks refocused on their home markets and scaled back in the Middle East, said Paul Trowbridge, the bank’s chief executive. “We’ve come under the radar and we’ve taken market share from other banks.”
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