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Wed 17 Oct 2012 09:46 AM

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UAE's Union National Bank Q3 net rises 7%

UNB made a net profit of $143.8 million for the quarter ended September 2012

UAE's Union National Bank Q3 net rises 7%

Abu Dhabi's Union National Bank posted a 7-percent rise in third-quarter net profit on Wednesday, beating analysts' expectations, as the lender reversed losses from financial instruments during the quarter.

UNB made a net profit of 528.2 million dirhams ($143.8 million) for the quarter ended September 2012, compared with 493.8 million dirhams in the prior-year period, it said in a statement on the Abu Dhabi bourse.

The earnings beat average analysts' forecast of 446.9 million dirhams for the quarter.

The quarterly earnings were largely boosted by reversal of losses in the trading and non-trading financial instruments, the company's financial statements showed.

Gain from non-trading financial instruments was 36.6 million dirhams compared with a loss of 1.6 million dirhams in the prior-year period.

Impairment losses on financial assets during the quarter were 86 million dirhams, a slight increase from the 81.2 million dirhams reported a year-ago.

Net interest income for the third-quarter rose to 564 million dirhams compared with 562 million dirhams for the year-ago period. UNB said fee and commission income for the nine month period ending September 30, reduced to 325 million dirhams from 364 million dirhams due to changed lending guidelines by the country's central bank.

Shares of UNB have gained 6.2 percent this year on the Abu Dhabi bourse.

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