UAE’s United Arab Bank (UAB) has posted a net profit of AED552m ($150.2m) in the full year 2013, marking an increase of 35 per cent on the previous year.

It is the highest annual net profits recorded by the Sharjah-based bank to date. Operating profit also increased by 36 per cent to AED721m, while total income rose by 36 per cent to AED1.04bn.

The bank’s lending activity also increased, rising by 40 per cent to AED15.29bn. Customer deposits reached AED15.03bn, marking an increase of 49 per cent on the previous year.

Over the past few years, UAB has been developing a new strategy to increase its retail business. It also launched an Islamic banking services arm.