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Sun 28 Jul 2013 10:46 AM

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Abu Dhabi lender UNB's Q2 profit rises 7.2%

Union National Bank posted a profit of $132.95m in the second quarter to June 30,

Abu Dhabi lender UNB's Q2 profit rises 7.2%

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

The lender, jointly owned by the governments of Abu Dhabi and Dubai, posted a profit of 488.3 million dirhams ($132.95 million) in the second quarter to June 30, up from 455.7 million dirhams in the prior-year period, it said in a bourse statement.

Analysts had forecast average profit of 474.23 million dirhams for the quarter in a Reuters poll. [ID nL6N0FE2CH]

Impairment loss in the quarter fell to 111.9 million dirhams from 120.1 million dirhams a year ago, UNB said, while interest expense dropped sharply to 257.9 million dirhams, compared with 372 million dirhams a year ago.

In April, UNB fully repaid an outstanding 1.7 billion drihams loand to the UAE ministry of finance. The bank had earlier repaid 1.5 billion dirhams in the first quarter of 2013.

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