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Lower provisions boost Union National Bank profits

Union National Bank on Sunday reported a 7.2 per cent percent rise in second-quarter profit helped lower provisions and reduced funding costs, beating analysts' expectations.

Union National Bank on Sunday reported a 7.2 per cent rise in second-quarter profit helped lower provisions and reduced funding costs, beating analysts' expectations.

The lender posted a profit of Dh488.3 million in the second quarter to June 30, up from Dh455.7m in the prior-year period, it said in a bourse statement.

Analysts had forecast average profit of Dh474.23m for the quarter in a Reuters poll.

Impairment loss in the quarter fell to Dh111.9m from Dh120.1m a year ago, UNB said, while interest expense dropped sharply to Dh257.9m, compared with Dh372m a year ago.

In April, UNB fully repaid an outstanding Dh1.7 billion loan to the UAE Ministry of Finance.

 

* Reuters

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