Union National Bank

Abu Dhabi's UNB fourth quarter profit declines at $46m

UNBAbu Dhabi's Union National Bank has announced its financial results reporting fall in its full year and fourth quarterly results. UNB Q4 net profit stood at $46m much below the street estimates. The decline is due to sharp rise in provisions for bad loans weighed on Abu Dhabi's Union National Bank.

UNB aims at doubling its Share capital

Union-National-BankOn Wednesday, Abu Dhabi listed Union National Bank's chief executive said that over the next five years, Union National Bank plans to more than double its share capital base to 5 billion dirhams ($1.36 billion).

As per the Reuters data the bank's paid-up capital as at Dec. 31, 2009 stood at 2.1 billion dirhams.

UNB posts Dh 575 million first half profit

Union National Bank (UNB), one of the leading domestic banks in the United Arab Emirates, has announced that it has recorded a profit of Dh575 million for the first half of 2009, with a dip of 24% from last year's figures for the same period.

UNB's bank loans and advances surged by 4.7%, and deposits grew by 7.3 per cent.

The lender's operating income figure during the latest period stood at Dh1.01 billion - a slight decrease of three per cent from the first half of fiscal 2008.

Q2 profit for Union National Bank down 36.4 pct

Thursday witnessed UAE's Union National Bank posting a 36.4 percent plunge in second-quarter net profit, since it booked provisions against losses arising from the financial crisis.

A net profit of 271.32 million dirhams ($73.86 million) was posted by the bank, which is lower than 426.62 million dirhams in the same period last year.

Adcoops and UNB launch shopping card

The Union National Bank (UNB) has announced that it has signed mutual agreement with the Abu Dhabi Co-operative Society (Adcoops).

The bank has entered into this alliance with the aim to launch a shopping card along with Visa Inc.

The sources informed that UNB-Adcoop's "Extra Card" is aimed at easing residents' shopping pressures with 50 per cent off on special-offer products.