UAE’s Union National Bank Q2 Net Profit rises 10 pct

Union National Bank 50 percent owned by the Abu Dhabi government, on Wednesday posted a 10 percent rise in second quarter net profit, slightly missing analysts’ forecasts.

The fifth largest lender on the Abu Dhabi exchange by assets reported a net profit of 571 million ($155.48 million) in the three months to June 30, up from 520 million dirhams a year earlier, a bourse filing said.

In a separate filing, the company said it posted a net profit attributable to equity holders of 568 million dirhams, 10 percent up from 515.6 million dirhams in the year earlier period.

Six analysts polled by Reuters earlier this month forecast an average attributable net profit of 587 million dirhams.

UNB, earlier this month, said it picked five banks to raise a $500 million, three-year syndicated loan

Source: Reuters