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Abu Dhabi's UNB Q1 profit rises 20pc

Abu Dhabi, April 28, 2011

Union National Bank (UNB) reported a 20 percent rise in first-quarter net profit, beating analysts forecasts as revenue rose and impairment losses fell, boosting its shares in early Abu Dhabi trade.

The Abu Dhabi headquartered lender earned a net profit of 456.4 million dirhams ($124.3 million) in the first-quarter  compared with 379.24 million dirhams in the same period last year, according to a statement on the Abu Dhabi bourse website.

Analysts polled by Reuters forecasted an average profit of 352 million dirhams in the first-quarter.

UNB shares gained 3 percent on the Abu Dhabi bourse at 0630 GMT. The lender booked impairment losses on financial assets totaling 69.85 million dirhams in the quarter, compared with 91.93 million dirhams in the year earlier period.   

Total revenues in the quarter grew to 1.16 billion dirhams against 1.07 billion dirhams last year, the lender said.
   
Loans and advances were flat at 56.29 billion dirhams compared to 56.57 billlion dirhams in the first-quarter last year, while deposits grew slightly to 59.58 billion dirhams from 56.57 billion dirhams. - Reuters




Tags: abu dhabi | banking | profit | UNB |

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