Industry: Banking & Finance
Company: Union National Bank
Country: UAE (Egypt)
Abu Dhabi-based Union National Bank is one of the UAE’s largest lenders, with 49 locations across the country.
It is headed by Mohammed Nasr Abdeen, who has steered the bank through the economic crisis with a conservative approach to lending. Abdeen is also vice-chairman of the bank’s new Egypt operation. The bank reported a small increase in first quarter net profit, beating Reuters’ analyst forecasts, helped by an increase in net interest income and income from Islamic financing.
Net profits at the bank rose 3.2 percent to AED471.1m (US$128.26m) compared to AED456.36m in the year-ago period, UNB said in a bourse statement.
Earlier this month, UNB - Abu Dhabi’s fourth-biggest lender - said it had already repaid half the $871m in federal government loans it was paid in 2009 after the global financial crisis.