UNB to pay dividend after profit rises 17%

Dubai: Union National Bank (UNB) shareholders have approved the distribution of a 20 per cent cash and 20 per cent stock dividend.

UNB earlier reported a consolidated net profit of Dh1.17 billion for 2007, a 16.8 per cent increase from 2006.

Net loans and advances grew 35 per cent, increasing from Dh27.5 billion in 2006 to Dh37.4 billion in 2007.

Customer deposits posted growth of 33.8 per cent year-on-year to reach Dh40.2 billion at the end of 2007. As a result, total assets reached Dh55.4 billion, an increase of 33.4 per cent from the previous year.

All main lines of businesses registered high growth. The Return on Average Equity for 2007 stood at 18.7 per cent, reflecting the solid growth in net profit. The Return on Average Assets was 2.4 per cent.

The UNB group said it remains on track to pursue its strategy of diversifying revenue streams while increasing its profits.