Standard Chartered first by profits in UAE

Adding to this enormous success, the Bank is also ranked second by total assets, second by loans and discounts, and second by total deposits.

Ray Ferguson, Standard Chartered Bank's Chief Executive in the UAE, said: "Becoming the most profitable bank in the Emirates in 2002 is a real testament to the hard work and dedication all our staff have put in to ensure Standard Chartered leads the way amongst international banks operating in the UAE across our various businesses.

"We are a truly international bank, with a strong brand and strong set of internal values. This year, as we celebrate our 150th anniversary, we are making significant investments in service and infrastructure improvements to ensure this leading position is retained in 2003."

Banks and Ranks 2003 is an independent guide produced by Abu Dhabi-based ARIP, analyses the financial results of 40 UAE banks and 295 financial statements.

Editor Eid Mouawad said: "We have produced GCC Banks and Ranks for nine years. The UAE version is in its second year, and already it has become the guide that the banking industry turns to for independent and objective hard facts.

UAE Banks & Ranks 2003 covers all relevant information on local and international commercial banks of the United Arab Emirates. Banks & Ranks provides the full span of consolidated balance sheets and profit and loss accounts, market shares, and 13 rankings set down on an individual country basis as well as for the GCC as a whole.

It is distributed to UAE commercial banks, as well as all financial institutions, investment companies, ministries, embassies, and global correspondent banks.