GulfBase Live Support
Abu Dhabi’s Union National Bank on Sunday reported an 18 per cent year-on-year drop in its second-quarter net profit as impairment charges climbed, while non-interest income fell.
Net profit attributable to equity holders in the three months to the end of June slumped to Dh413.4 million, the lender said in a statement to the Abu Dhabi Securities Exchange, where its shares are listed. Net impairment charges soared by 68 per cent to Dh151m at the end of the second quarter from Dh90m reported for the corresponding period in 2017, it said.
“UNB continues to maintain its strategy to cautiously pursue loan growth while managing the downside risks,” Mohammad Abdeen, the chief executive of UNB, said.
UNB's results missed the Dh432m estimate from EFG Hermes, according to Bloomberg. The government of Abu Dhabi holds a 50 per cent stake in UNB, while the government of Dubai owns 10 per cent.
Total assets slid by 2 per cent year-on-year to Dh100.6 billion. Loans and advances at the end of the first half fell by 7 per cent to Dh67.3bn from the same period a year earlier. Various business deals are in the pipeline and some of them are expected to be completed in the second half of this year, the lender noted.
“Margins continue to improve during the year on the back of increasing yield on assets compared to the cost of funds," said Mr Abdeen. "The Group is well placed to take advantage of growth opportunities …. as the region and more specifically the UAE continue to innovate and diversify for a sustainable future.”
The banks net income for the first six months of 2018 also slid by 12 per cent to Dh841m. It non-interest income fell 35 and 26 per cent for the quarterly and half yearly periods this year respectively, driven by a reduction in fees and commission income and lower gain on dealing in foreign currencies and derivatives, UNB said.
Operating expenses for the first six months increased by 2 per cent over the same period of 2017 while the lender’s cost to income ratio came in at 33.5 per cent for the first half of 2018.
Union National Bank (UNB) said it has closed a 5 year bond issue for $500 million (Dh1.8 billion) with a coupon of 4 per cent and at issue price of 99.6 per cent.
UNB mandated Australia and
Aldar Properties PJSC (‘Aldar’), Abu Dhabi’s leading listed property development, investment and management company, has signed an agreement with Union National Bank to provide ESCROW account service
Union National Bank said on Monday it has received regulatory approval from the Securities and Commodities Authority to act as a general clearing member.
The bank notified the Abu Dhabi Secu
Bahrain’s Investcorp slipped into a $165 million loss for the 12 months ended June 30, against profits of $131 million a year ago.
The COVID-19 played its part in the loss, as fee income c
Aramex, a leading provider of logistics and transportation solutions, has registered a 4 per cent growth in its revenues for the second quarter which surged to hit AED1.32 billion ($359 million), com
Abu Dhabi based investment company Waha Capital recorded a net loss of Dh27.2 million - attributable to shareholders - for the first six months of 2020, an improvement on the Dh124.38 million it rec
First Abu Dhabi Bank (FAB), recently announced the issuance of the largest-ever Chinese Yuan (CNH) denominated dual-listed Formosa bond globally, with a CNH 3.25 billion five-year issuance.
The Gulf Today
UAE's leading telecom services operator Etisalat Group has announced that the interim dividend of 15 fils per share for the second quarter will be paid out starting from August 11 through the First A