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UNB’s profit surges 25pc to hit Dh380m
ABU DHABI — Union National Bank reported an increase of 25.1 per cent in profit to Dh380.3 million for the first three months of the year.
The group increased its collective impairment allowance on financial assets for the quarter by setting aside Dh91.9 million.
The controlled growth strategy resulted in loans and advances reaching Dh50.6 billion as at March 31, 2010, against Dh49.2 billion — an increase of 2.9 per cent year-on-year reflecting muted credit environment.
Customers’ deposits dropped by 10.8 per cent to Dh48.1 billion, down from Dh53.9 billion, mainly due to the re-categorisation of Dh3.2 billion of Support Finance from the Ministry of Finance to subordinated loan.
The ratio of non-performing loans to gross loans remained at 1.5 per cent at the end of the first quarter, with the absolute figure of non-performing loans and advances registering a decline.
The bank’s operating profit for the quarter was up 36.7 per cent to Dh476.5 million, up against Dh348.5 million in the same period last year.
The bank in a statement termed the results as quite satisfactory in the prevailing macro-economic conditions, general risk aversion that persists and the continuing pressure on asset quality at industry-wide level which remains at an elevated level.
“The increase in profit was driven by careful liability management and ensuring that optimal levels of liquidity are maintained whilst continuing the focus to further build the core lines of businesses,” the bank said in a regulatory filing. The group’s operating income for January-March rose year-on-year by 29.7 per cent to reach Dh643.5 million over the Dh496 million in the corresponding period, due to an increase in both net interest income and non-interest income. Net interest income increased year-on-year by 25.2 per cent to reach Dh477.3 million with the non-interest income growing 44.7 per cent in the first three months of the year.
UNB Group’s ongoing investment in its infrastructure led to an increase in the operating expenses to Dh167.0 million in the first quarter of 2010 over Dh147.5 million, while the cost to income improved to 26 per cent for the quarter.
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