UAE’s Union National Bank Q1 Net Profit Rises 20%
The bank reported a net profit attributable to equity holders of Dhs610.8 million ($166.29 million) in the first quarter of 2015.
Union National Bank, 50 per cent owned by the Abu Dhabi government, posted a 20 per cent rise in first-quarter net profit on Monday, beating analysts’ forecasts.
The fifth largest lender on the Abu Dhabi exchange by assets reported a net profit attributable to equity holders of Dhs610.8 million ($166.29 million) in the three months to March 31, up from Dhs509.1 million a year earlier, a bourse filing said.
Five analysts polled by Reuters forecast an average profit of Dhs547.4 million.
UNB had loans and advances worth Dhs66.94 billion at March-end, up from Dhs64.07 billion a year ago.
Customer deposits were Dhs69.68 billion as of March 31. This compares with Dhs67.44 billion 12 months earlier.