The net profit for the second quarter of 2008 of Dhs424.1m, compared to Dhs284.6m, increased by 49.0% quarter-on-quarter, reflecting solid growth in business and income from the core banking activities.
Key performance metrics have further improved with attributable return on average equity of 22.4% (30 June-2007: 18.2%) and return on average assets of 2.5% (30 June - 2007: 2.5%) for the first half of 2008. The efficiency ratio (cost to income) for the six month period ended 30 June 2008 improved to 28.4% (30 June 2007: 29.9%) at the back of robust growth in revenues.
The loans and advances grew to Dhs47.3bn as at 30 June 2008 (30 June 2007: Dhs31.5bn), an increase of 50.4% period-to-period. To support the growth in business customers' deposits increased by 53.6% to record Dhs47.7bn as at 30 June 2008 (30 June 2007: Dhs31.1bn). Overall the consolidated total assets reached Dhs64.7bn as at 30 June 2008 (30 June 2007: Dhs45.3bn), a solid growth of 43.0% 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. UNB received approval from the Qatar Financial Centre Regulatory Authority (QFCRA) to set up a branch in the Qatar Financial Centre (QFC).
During the first half of 2008, Union National Bank launched the open-ended Al Samaha Islamic Fund, a Shariah compliant fund investing mainly in the UAE and with the flexibility to seek opportunities in other GCC countries, MENA and other emerging equity markets. The fund aims at investing in Shariah compliant equities to achieve long term capital appreciation.
Among other significant advances, UNB acted as the Mandated Lead Arranger, Facility Agent and Security Agent for the Dhs1.04bn syndicated term loan facility for Arkan Building Materials Company PJSC.
Speaking on the results, the Chief Executive Officer, Mr. Mohammad Nasr Abdeen said that the sustained growth was a testament to the management's focus on its core activities which saw all round improvement in key performance indicators.
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UNB Group's consolidated profit for H1 of 2008 up by 41% to reach Dhs764.6m
- United Arab Emirates: Tuesday, July 22 - 2008 at 15:37
- PRESS RELEASE
The UNB Group's profit for the current period was Dhs764.6m against Dhs542.4m during first half of 2007. Union National Bank's consolidated net profit attributable to equity shareholders reached Dhs759.7m for the first half of 2008 as compared to Dhs538.1m for the corresponding period of 2007, an increase of 41.2%.
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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 120 ATMs throughout the UAE. UNB is present in the Arab Republic of Egypt through its 94.9% owned subsidiary Union National Bank, Egypt which has 10 branches in Egypt.
UNB has two other subsidiaries:
1. Union Brokerage Company (UBC) which provides brokerage services for customers trading in shares and securities on Abu Dhabi Securities Exchange, Dubai Financial Market and Dubai International Financial Exchange. 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 Exchange.
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 and in 2008.
For further information, please contact:
Brian Carvalho
Associate Account Director
Asdaa
T: +9712 6334133
F: +9712 6334137
M: +97150 3117167
Posted by Siba Sami AmmariTuesday, July 22 - 2008 at 15:37 UAE local time (GMT+4)
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