An all round increase in business from the core lines of business led to this creditable increase in profit. Key performance metrics have further improved with attributable return on average equity of 20.4% (Q1- 2007: 17.5%) and return of average assets of 2.4% (Q1 - 2007: 2.4%) for the first quarter of 2008. The efficiency ratio (cost to income) for the three month period ended 31 March 2008 improved to 28.5% (Q1 - 2007: 30%) at the back of robust growth in revenues.
The loans and advances grew to Dhs40.1bn as at 31 March 2008 (31 March 2007: Dhs28.6bn), an increase of 40.0% period-to-period. To support the growth in business customers' deposits increased by 43.7% to record Dhs40.8bn as at 31 March 2008 (31 March 2007: Dhs28.4bn). Overall the consolidated total assets reached Dhs57.4bn as at 31 March 2008 (31 March 2007: Dhs41.5bn), a solid growth of 38.4% over the corresponding figure for the prior period.
As part of the strategy to be a key player in the region, Union National Bank (UNB) has been establishing presence in its identified target markets. In the first quarter of 2008, UNB received approval from the Qatar Financial Centre Regulatory Authority (QFCRA) to set up a branch in the Qatar Financial Centre (QFC). The branch's permitted activities include accepting deposits and providing and arranging of credit facilities within the QFC to wholesale customers. With the opening of an office in QFC the Bank would be present in China (Representative Office), Egypt (Subsidiary - Union National Bank, Egypt) and Qatar (Branch) in addition to its strong network of branches in UAE through UNB, Al Wifaq Finance Co. and Union Brokerage Co.
Union National Bank's 2008 first quarter consolidated profit up by 32.4% to reach Dhs 335.7m
Union National Bank's profit attributable to equity shareholders for the three month period ended 31 March 2008 reached Dhs335.7m, an increase of 32.4% as compared to Dhs253.5m for the corresponding period of 2007.
- United Arab Emirates: Tuesday, April 22 - 2008 at 08:41
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About Union National Bank:Union National Bank (UNB) is a public joint stock company incorporated under the laws of the United Arab Emirates in 1982. UNB operates through a network of 47 branches and over 100 ATMs throughout the UAE. UNB is present in the Arab Republic of Egypt through its 94.9% owned subsidiary Union National Bank, Egypt (formerly known as Alexandria Commercial and Maritime Bank) which has 10 branches in Egypt.
UNB has two other major subsidiaries:
(1) Union Brokerage Company (UBC) which provides brokerage services for customers trading in shares and securities on Abu Dhabi Securities Market and Dubai Financial Market. UBC operates from state of the art offices which are located in Abu Dhabi, Dubai, Al Dhafra, Al Ain and Fujairah.
(2) Al Wifaq Finance Company (AWFC) an Islamic Finance Company which offers Shari'a compliant products and services to tap the growing Islamic banking market.
UNB is the only bank in the UAE which has significant shareholdings by the Governments of both Abu Dhabi and Dubai. The major shareholders of UNB are the Finance Department, Government of Abu Dhabi (40%), Abu Dhabi Investment Council (10%) and the Government of Dubai (10%). The remaining 40% of the shares are publicly held. The shares of UNB are listed on the Abu Dhabi Securities Market.
UNB has adopted the total quality management concepts and methodologies, quality management systems and a business excellence framework. A strong testament to this was when the Bank won the 2004 / 2005 Sheikh Khalifa Excellence Award, Gold category for the financial sector, and the 2005 Dubai Quality Award.
In 2002, UNB became the first bank of its size in the Middle East to be ISO 9001:2000 (Certified by Lloyds Register of Quality Assurance for Quality Management Systems under the terms set out by the United Kingdom Accreditation Service - UKAS - scheme.) certified across its entire operations in the UAE. The Bank received full ISO 9001:2000 recertification in 2005.
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, April 22 - 2008 at 08:41 UAE local time (GMT+4)
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