Abu Dhabi – Mubasher: United Arab Bank (UAB) on Wednesday reported a profit surge of 345.3% year-on-year in 2018.

The Abu Dhabi-listed bank logged AED 77.23 million ($21.03 million) in profits in the 12-month period ended 31 December 2018 versus AED 17.34 million ($4.72 million) in 2017, it said in a bourse filing.

Profits increased despite a fall in revenues to AED 647.471 million in 2018 from AED 677.088 million in the year before.

During the nine-month period ended 30 September 2018, UAB’s profits jumped 111% to AED 105 million compared to the same period of 2017.

In September, UAB denied news that it was planning to merge with InvestBank and the Bank of Sharjah.