Abu Dhabi – Mubasher: United Arab Bank (UAB) on Wednesday stated that its profits levelled up 29%year-on-year in the first quarter of 2018.

UAB’s profits rose to AED 35.9 million ($9.7 million) in Q1-18, compared to AED 27.8 million ($7.56 million), compared to the year-ago period, according to a statement to the Abu Dhabi Securities Exchange (ADX).

Operating revenues increased 2% to hit AED 119.65 million in Q1-18, whereas operating expenses fell 3% year-on-year to AED 83.7 million during Q1-18 from AED 86.6 million.

At the beginning of 2018, UAB said it achieved AED 17 million in net profits for the full year of 2017.