The Abu Dhabi-based Union National Bank (UNB) reported a 26 per cent growth in its first quarter net profit as it improved from Dh303.936 million for the first quarter of 2009 to Dh380.29m for the quarter ending March 31, 2010.
While the total interest income and income from Islamic financing and investment products fell from Dh977.091m to Dh902.042m between these periods, the interest income and income from Islamic financing and investment products net of distribution to depositors improved from Dh381.147m to Dh477.293m for the quarter.
With a net fee and commission income of Dh129.433m for the first quarter against Dh105.158m for the corresponding period last year, the bank made an operating profit of Dh476.528m for the quarter compared to Dh348.536m UNB posted for the same period last year.
However, the impairment loss on financial assets were higher for the period at Dh91.939m against Dh37.558m for the comparable period last year, which led to a Dh80m growth in the net profit for the first quarter in the current year. The total assets for the first quarter were down to Dh73.111 billion from Dh75.725bn as of March end, 2009.