UAE's Union National Bank Q1 Net Profit Rises 20% - Gulf Business
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UAE’s Union National Bank Q1 Net Profit Rises 20%

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.

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