UNB Q3 net falls 15pc on lower income
Abu Dhabi, October 31, 2013
Abu Dhabi's Union National Bank missed analysts' forecasts on Thursday, reporting a 14.7 percent 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 D450.26 million ($122.7 million) in the third quarter to September 30, down from 528.24 million dirhams in the prior-year period.
Analysts in a Reuters poll had forecast on average a profit of Dh502.42 million.
Net profit for the first nine months of this year fell to Dh1.44 billion from Dh1.47 billion in the prior-year period.
Impairment losses on financial assets during the quarter were 137.8 million dirhams versus 86 million dirhams a year ago.
Loans and advances grew to 60.6 billion dirhams at end-September, up 7.7 percent year-on-year, while customer deposits totalled 64.3 billion dirhams, up 16.3 percent. - Reuters
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