Union National Bank first quarter Net Profit surges 30.3 per cent

UNB's 'Loans and Advances' witnessed a growth of 64.2% rising from AED 10.29 billion as at March 2004 to reach AED 16.89 billion as at March 2005. 'Investments' increased by 38.6% increasing to AED 2.34 billion as at March 2005 from AED 1.69 billion as at March 2004. These growths were the main factor behind the Bank's 'Total Assets' increasing from AED 15.68 billion to AED 22.94 million (45.7%) for the same period. Customer Deposits increased by 36.9% period on period, to reach AED 16.75 billion from AED 12.24 billion.

In its efforts to strategically expand into new markets, UNB has established its new 'Real estate Finance Division' to tap into the growing new real estate market.

During the first quarter of 2005, the Bank launched several new and innovative products and promotions that included:

Triple Guarantee Deposits: A unique floating rate product which is aimed at customers who are interested in long term investment. This product comes with a free credit card and up to two supplementary Cards & a pre-approved Overdraft up to 90% of the deposit amount.

Home Mortgage Finance: A long-term mortgage loan and is designed to help customers afford their dream homes. This allows them to borrow up to AED 5M with a repayment plan of up to 25 years.

Loan against Rental Assignment: This is a loan against the assignment of building rental proceeds, allowing customers to encash up to AED 750k of their future rental incomes conveniently.

Rent A Car Finance: A product that was developed with the 'Rent A Car' business in mind. It is a term loan granted to Rent A Car business entities to finance purchase of new cars.

Salary Loan Promotion: This is a unique and exciting promotion which provides salary loan customers the opportunity to earn additional incomes.

UNB continued to be involved in community events by sponsoring and participating in many social and business events.

UNB was also a proud sponsor of the Arab Media in the information age conference which was organised by the Emirates Centre for Strategic Studies and Researches. UNB was a sponsor and one of the key speakers as the '1st Arab Trade Conference & Exhibition' organised by Abu Dhabi Chamber of Commerce & Industry.

For the second year running, UNB was one of the sponsors of the unique 'World Sand Golf Tournament', a Pro-Am golfing event that was held at the Ghazal Gold Course in Abu Dhabi.