Business | Banking
UNB profit up 63.5% in first nine months
Union National Bank (UNB) saw an increase of 63.5 per cent in profits for the first nine months of this year to Dh1.3 billion.
- Staff Report
- Published: 23:32 October 15, 2008
Abu Dhabi: Union National Bank (UNB) saw an increase of 63.5 per cent in profits for the first nine months of this year to Dh1.3 billion.
Profits were Dh841 million for the corresponding period of 2007.
The net profit of the group for the third quarter of this year was Dh610.8 million, up from Dh298.9 million in the same period last year. The net profit figure increased by 104.3 per cent.
Loans and advances grew to Dh50.9 billion at the end of the third quarter, compared to Dh35.0 billion last year, witnessing an increase of 45.5 per cent period-to-period.
To support the growth in business, customers' deposits increased by 39.6 per cent to Dh43.9 billion at the end of September, compared to Dh31.4 billion in the corresponding period of 2007.
Overall, consolidated assets reached Dh62.6 billion this year, up from Dh46.4 billion in 2007, a growth of 34.9 per cent.
Mohammad Nasr Abdeen, chief executive officer, said the performance was particularly encouraging when viewed against the backdrop of the extremely challenging international environment.
He added that the group's strategy of controlled expansion and the focus on the UAE market had ensured that there was no adverse impact due to the turmoil on global markets.
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