Abu Dhabi’s Union National Bank missed analysts’ forecasts on Thursday, reporting a 14.7 per cent drop in third quarter profit due to lower interest income and higher loan impairments.
The lender, jointly owned by the governments of Abu Dhabi and Dubai, said it had a net profit of Dhs450.26 million ($122.7 million) in the third quarter to September 30, down from Dhs528.24 million in the prior-year period.
Analysts in a Reuters poll had forecast on average a profit of Dhs502.42 million.
Net profit for the first nine months of this year fell to Dhs1.44 billion from Dhs1.47 billion in the prior-year period.
Impairment losses on financial assets during the quarter were Dhs137.8 million versus Dhs86 million a year ago.
Loans and advances grew to Dhs60.6 billion at end-September, up Dhs7.7 per cent year-on-year, while customer deposits totalled Dhs64.3 billion, up 16.3 per cent.