Union National Bank records Dh764.6 million profit for first-half 2008

Abu Dhabi: The Union National Bank Group's profit for the current period was Dh764.6 million against Dh542.4 million during first half of 2007.

Union National Bank's consolidated net profit attributable to equity shareholders reached Dh759.7 million for the first half of 2008 as compared to Dh538.1 million for the corresponding period of 2007, an increase of 41.2 per cent.

The net profit for the second quarter of 2008 of Dh424.1 million, compared to Dh284.6 million, increased by 49.0 per cent quarter-on-quarter, reflecting solid growth in business and income from the core banking activities.

Key performance metrics have further improved with attributable return on average equity of 22.4 per cent (30 June-2007: 18.2 per cent) and return on average assets of 2.5 per cent (30 June 2007: 2.5 per cent) for the first half of 2008.

The efficiency ratio (cost to income) for the six-month period ending 30 June 2008 improved to 28.4 per cent (30 June 2007: 29.9 per cent) at the back of robust growth in revenues.

The loans and advances grew to Dh47.3 billion as at 30 June 2008 (30 June 2007: Dh31.5 billion), an increase of 50.4 per cent period-to-period.

Business customers' deposits increased by 53.6 per cent to record Dh47.7 billion as of 30 June 2008 (30 June 2007: Dh31.1 billion).

Overall the consolidated total assets reached Dh64.7 billion as of 30 June 2008 (30 June 2007: Dh45.3 billion), a solid growth of 43.0 per cent over the corresponding figures for the prior period.