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29 March 2024

UAE's Union National Bank Q1 net profit rises 20%

Union National Bank, 50 per cent owned by the Abu Dhabi government, posted a 20 per cent rise in first-quarter net profit on Monday. (File)

Published
By Reuters

Union National Bank, 50 per cent owned by the Abu Dhabi government, posted a 20 per cent rise in first-quarter net profit on Monday, beating analysts' forecasts.

The fifth largest lender on the Abu Dhabi exchange by assets reported a net profit attributable to equity holders of Dh610.8 million ($166.29 million) in the three months to March 31, up from Dh509.1 million a year earlier, a bourse filing said.

Five analysts polled by Reuters forecast an average profit of Dh547.4 million.

UNB had loans and advances worth Dh66.94 billion at March-end, up from Dh64.07 billion a year ago.

Customer deposits were Dh69.68 billion  as of March 31. This compares with Dh67.44 billion 12 months earlier.