UNB net profit down 15pc in Q3
Abu Dhabi, November 1, 2013
Abu Dhabi's Union National Bank missed analysts' forecasts yesterday, 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 450.26 million dirhams ($122.7 million) in the third quarter to Sept. 30, down from 528.24 million dirhams in the prior-year period.
Analysts in a Reuters poll had forecast on average a profit of 502.42 million dirhams.
Net profit for the first nine months of this year fell to 1.44 billion dirhams from 1.47 billion dirhams 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
More Finance & Capital Market Stories
- Dubai inflation hits 4-year high in Nov
- New guidelines for Islamic banks, Takaful
- ADS to enter UK in 2014, starts pricing yuan
- Citadel cuts net loss as regional unrest eases
- Saudi inflation edges up to 3.1pc y/y in Nov
- Kuwait's Investment Dar reaches key debt agreement
- Banks on alert over ATM fraud
- Bahrain's economy bounces back on positive outlook
- Mena inbound M&A value triples to $3.9bn
- DFM opens educational trading floor at varsity