UNB posts 32.4% rise in quarterly earnings

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.