Dubai: Union National Bank (UNB) reported on Tuesday Dh1.57 billion in net profit for the full year 2016, marking a 15 per cent decline from the Dh1.8 billion recorded in 2015 on the back of tighter liquidity conditions.
The figures put net profit attributable to equity holders in the fourth quarter of 2016 at Dh249 million – up 29 per cent from the Dh193 million recorded in the same quarter of 2015, according to Gulf News calculations.
In a statement posted to the Abu Dhabi bourse, Mohammed Abdeen, the bank’s chief executive officer, said 2016 was a challenging year, which “saw slowing credit growth and higher funding costs for GCC banks due to tighter liquidity conditions.”
The bank recommended a cash dividend of 20 per cent, and said it plans to hold its annual general meeting on March 8.
