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18 May 2024

UNB profit rises 22% to Dh1.4bn

By Reuters

Abu Dhabi-listed Union National Bank (UNB)'s full-year net profit rose 22.2 per cent to Dh1.44 billion, it said in a statement, without giving quarterly data, which Reuters calculated from previous financial statements.

The bank's fourth-quarter net profit fell 70.2 per cent, missing analysts' forecasts.

Analysts forecast of Union National Bank's fourth-quarter profit ranged from Dh292m to Dh347m, according to a survey last month.

The average forecast was for a 2.3-per cent fall in profit. Union National Bank earned Dh1.341 billion in the first nine months of 2008 and Dh335.1m in the fourth quarter of 2007. The Abu Dhabi Government said last week it would inject a total of Dh16bn into five banks – including Union National Bank – through capital notes to bolster confidence as the global crisis bites.

Union National Bank said it would borrow Dh2bn from the government.