UNB posts $37m net profit
Dubai, February 7, 2013
Union National Bank (UNB), Abu Dhabi's fourth-largest lender by market value, said it has posted an 8.6 per cent rise in quarterly profit, helped by higher interest income and income from Islamic financing.
The bank said it made fourth-quarter net profit of Dh136 million ($37.03 million) in the three months to December 31, up from Dh125 million in the prior-year period.
Six analysts forecast average net profit of Dh277.65 in a Reuters poll last month.
Full-year profit was Dh1.6 billion, compared to Dh1.5 billion in 2011.
Fourth-quarter provisions stood at Dh352 million versus Dh292 million in the prior year period.
UNB, which is 50 per cent owned by the Abu Dhabi government, earned revenues totalling Dh3.09 billion in 2012 compared to Dh2.83 billion in 2011.
Deposits at the bank rose 5.2 per cent in 2012 to Dh63.4 billion from Dh60.3 billion in 2011, while net loans and advances decreased 0.4 per cent to Dh57.3 billion at the end of 2012 from Dh57.6 billion at the end of the previous year.
Total assets stood at Dh87.1 billion at the end of 2012, up 5.7 per cent.
UNB's board proposed a 10 per cent cash dividend and bonus shares of 5 per cent for 2012, compared with a 15 per cent cash dividend for 2011. In December, the lender sold an additional $250 million bonds to its existing 2016 maturity.-Reuters