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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.