UAE banks post 20% rise in profits

Union National Bank and Abu Dhabi Islamic Bank announce increases of more than 20% in net profits last year

  • E-Mail
By  David Robinson Published  January 27, 2005

Two Abu Dhabi banks -- Union National Bank (UNB) and Abu Dhabi Islamic Bank -- has both announced increases of more than 20% in net profits last year, compared to the previous year. UNB said it recorded net profits of Dh452.91 million (US$123.4 million) last year, up 20.4% on the previous year. Total assets rose 40.8% to Dh24.113 billion (US$6.5 billion) from Dh17.123 billion (US$4.6 billion) in 2003, UNB said in a statement. The bank, which was established in 1982 and has 27 branches throughout the UAE, posted net profits of Dh376.06 million (US$102.5 million) in 2003, up 25.2% on 2002. Abu Dhabi Islamic Bank, meanwhile, said its net profits last year increased by 22% to Dh122.9 million (US$33.4 million). Total assets rose to Dh12.69 billion (US$3.4 billion), up 38% on Dh9.22 billion (US$2.5 billion) in 2003, a statement said. Capitalised at Dh1billion, Abu Dhabi Islamic Bank's core business comprises retail, corporate, investment and treasury. It has 13 branches in the UAE and an equity of US$6 million in Bosnia Bank International

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code