Business | Banking
UNB posts 32.4% rise in quarterly earnings
Union National Bank (UNB) on Monday reported a 32.4 per cent growth in profits attributable to equity shareholders for the three-month period ended March 31 to Dh335.67 million, compared to Dh253.5 million for the corresponding period of 2007, a company statement said.
- Staff Report
- Published: 22:31 April 21, 2008
Dubai: Union National Bank (UNB) on Monday reported a 32.4 per cent growth in profits attributable to equity shareholders for the three-month period ended March 31 to Dh335.67 million, compared to Dh253.5 million for the corresponding period of 2007, a company statement said.
An all-round increase in business led to this creditable increase in profit. Key performance metrics have further improved with attributable return on average equity of 20.4 per cent (first quarter-2007: 17.5 per cent) and return of average assets of 2.4 per cent for the first quarter of 2008.
The efficiency ratio (cost to income) for the period improved to 28.5 per cent at the back of robust growth in revenues. The loans and advances grew to Dh40.1 billion as on March 31, an increase of 40 per cent over the period last year.
Customers' deposits rose by 43.7 per cent to a record Dh40.8 billion as on March 31. The consolidated total assets reached Dh57.4 billion during the period, a solid growth of 38.4 per cent over the corresponding period last year.
Share this article
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
It costs a million to raise a child
Generation Z doesn't leave home at 18, but stay with the parents until mid-20s
-
Investing in funds doesn't come cheap
Many people are unaware of the effect of different expenses on their returns
-
Firm turns televised events into marketing dream
Drops anchor in Dubai to sell world's richest yachting races
