On Monday, Union National Bank, the fifth-largest lender of Abu Dhabi listed by assets, has made reports of an increase of 21.9 percent for its net profit during the third quarter. This has defeated the estimates of analysts, supported by a fee income jump.
Results coming from the said bank, having 50 percent dedicated to the government of Abu Dhabi, maintain the earnings’ growth being healthy as said by UAE-based banks during the third quarter, banks that are taking advantage of the strong economic backdrop within the domestic economy, as well as bringing asset quality improvements.
The said bank generated a net profit which can be attributed to the shareholders having 149.4 million dollars or 548.6 million dirham during the three specific months until the last day of September, an increase from the previous 450.3 million dirhams during the same period of the previous year.
According to the five analysts who were polled on average forecast, Union National Bank is going to generate a profit of 525.2 million dirhams for the quarter.
With the non-controlling interests to the profit attributable included and considered, the three-month period’s net profit increased 21.6 percent for every year that passed, reaching 552 million dirhams.