Union National Bank Q4 profit up 29%

The fifth largest lender in the emirate by assets reported a net profit of $68.3 million in the three months to Dec. 31
Union National Bank Q4 profit up 29%
By Reuters
Tue 14 Feb 2017 09:59 AM

Union National Bank, 50 percent owned by the Abu Dhabi government, on Tuesday posted a 29 percent rise in fourth-quarter net profit, missing analysts' forecasts.

The fifth largest lender in the emirate by assets reported a net profit of 251 million dirhams ($68.3 million) in the three months to Dec. 31, compared to 195.0 million dirhams in the same period a year ago.

Two analysts polled by Reuters forecast a quarterly profit of 310.0 million dirhams and 373.36 million dirhams respectively.

The bank’s board has proposed a 20 percent cash dividend for 2016, the same as for 2015.

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