Union National Bank AGM approves cash dividend and stock dividend of 10% each

The shareholders of UNB in the meeting approved the Board of Directors' recommendation to distribute cash dividend and stock dividend of 10% each.

Sheikh Nahayan Mabarak Al Nahayan, Chairman, Ahmed Saeed Al Badi, Mohamed Ahmed Al Bowardi, Rashid Darwish Al Ketbi, Yousef Al Harmoudi, Khalifa Sultan Al Suwaidi, Sami Dhaen Al Qamzi and Butti Saeed Al Ghandi were elected by the shareholders as the Board members for the next three years.

Further, in the Extra-ordinary General Meeting, the shareholders approved to accept the offer of the Ministry of Finance to convert the liquidity support loan (The First Part and Second Part) to Tier II Capital Loan.

Earlier UNB announced its highest ever consolidated net profit of Dhs1,441.2m for the year 2008, an increase of 22.2% compared to the corresponding figure for the previous year. Net loans and advances grew by 34.9%, increasing to Dhs50.4bn as at 31 December 2008 from Dhs37.4bn as at 31 December 2007, whilst customer deposits also registered a healthy growth of 23.1% year-on-year to reach Dhs49.5bn as at 31 December 2008. As a result total assets reached Dhs65.2bn, an increase of 17.6% on a year-on-year basis.