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Union National Bank profit gets boost from Islamic financing

Union National Bank posted an 8.6 per cent rise in quarterly profit on Wednesday, helped by higher interest income and income from Islamic financing.

Union National Bank, Abu Dhabi's fourth-largest lender by market value, posted an 8.6 per cent rise in quarterly profit on Wednesday, helped by higher interest income and income from Islamic financing.

The bank said it made fourth-quarter net profit of Dh136 million in the three months to December 31, up from Dh125m in the prior-year period.

Six analysts forecast average net profit of Dh277.65m in a Reuters poll last month.

Full-year profit was Dh1.6 billion, compared to 1.5bn in 2011. Fourth-quarter provisions stood at Dh352m versus Dh292m in the prior year period.

UNB, which is 50 per cent owned by the Government of Abu Dhabi, earned revenues totalling Dh3.09bn in 2012 compared to Dh2.83bn in 2011.

Deposits at the bank rose 5.2 per cent in 2012 to Dh63.4bn from Dh60.3bn in 2011, while net loans and advances decreased 0.4 per cent to Dh57.3bn at the end of 2012 from Dh57.6bn at the end of the previous year.

Total assets stood at Dh87.1bn at the end of 2012, up 5.7 per cent.

 

* Reuters

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