UNB earns Dh335.7m profit in Q1

ABU DHABI - Union National Bank's (UNB) consolidated profits during the first three month period ending March 31, 2008 reached Dh335.7 million, an increase of 32.4 per cent as compared to Dh253.5 million for the corresponding period of 2007.

By (By a staff reporter)

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Published: Tue 22 Apr 2008, 11:24 AM

Last updated: Sun 5 Apr 2015, 11:42 AM

An all round increase in core business activities led to the increase in profit.

Key performance metrics have further improved with return on average equity (ROAE) up 20.4 per cent against Q1, 2007's 17.5 per cent and a return on average assets of 2.4 per cent during Q1, 2008.

The cost to income for the three month period ended March 31, 2008 improved to 28.5 per cent against 30 per cent during same period in the previous year on robust growth in revenues.

The loans and advances grew to Dh40.1 billion as at March 31, 2008 against Dh 28.6 billion during same period last year, an increase of 40.0 per cent period-to-period. To support the growth in business, customers' deposits increased by 43.7 per cent to record Dh40.8 billion as at March 31, 2008 up against Dh28.4 billion during comparable period.

Overall the consolidated total assets reached Dh57.4 billion as at March 31, 2008 Dh41.5 billion during the comparable period, a solid growth of 38.4 per cent over the corresponding figure for the prior period.

As part of the strategy to be a key player in the region, Union National Bank (UNB) has been establishing its presence in identified target markets. In the first quarter of 2008, UNB received approval from the Qatar Financial Centre Regulatory

Authority (QFCRA) to set up a branch in the Qatar Financial Centre (QFC).

The branch's permitted activities include accepting deposits and providing and arranging of credit facilities within the QFC to wholesale customers. With the opening of an office in QFC, the bank would be present in China with a Representative Office, in Egypt it has a subsidiary and Qatar branch.

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