Sunday, 23 November 2008
updated 1 minute ago
16:30 UAE time

YOUR DIRECTORY /

Union National record profit tops forecasts

by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 22 July 2008

RECORD PROFIT: Union National posted second-quarter income of $115.4 million, up almost 50 percent on the same period last year. (Getty Images)

Abu Dhabi's Union National Bank posted a record profit in the second quarter, topping analysts' forecasts on the back of income from fees and commissions.

Net profit attributable to shareholders in the three months to June 30 was 424.08 million dirhams ($115.4 million) compared with 284.59 million, the bank said in statement on Tuesday.

Net fee and commission income advanced 64 percent to 149.74 million dirhams in the second quarter and net interest income rose 40 percent to 366.51 million dirhams, the lender said.

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Analysts' forecasts for Union National Bank's second-quarter profit ranged from 343.33 million dirhams to 360 million dirhams in a Reuters survey last month.

Profit in the six months to June 30 was 764.6 million compared with 542.4 million the year-earlier period and its first-half net profit attributable to shareholders was 759.75 million dirhams, the lender said.

Newswire Reuters had calculated the quarterly figure based on earlier financial statements as 410.39 million dirhams.

The bank's shares have lost 0.43 percent in trading on Tuesday before its earnings results were released. Its stock has risen more than 19 percent this year, outperforming Abu Dhabi's measure, which is up almost 9 percent. (Reuters)

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