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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

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

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