The United Arab Emirates (UAE)’ Union National Bank (UNB) recorded a 30 percent increase in net profits during the first quarter of 2002, reaching 72.5 million Emirati dirhams ($19.7 million), reported WAM. Operating profits for the quarter reached Dh 93.4 million, up from Dh 58.2 million from the same period in the previous year.
Assets in the first three months of the year reached Dh 11.7 billion, compared to Dh 11.5 billion during the same period in the previous year. Loans and advances to customers during the same period reached Dh 7.4 billion while deposits and balances with banks stood at Dh 2.2 billion.
Established as a public joint stock company in 1982, UNB is headquartered in Abu Dhabi. It is the only bank in the UAE that is jointly owned by the governments of Abu Dhabi and Dubai. Its branch network consists of 26 locations across the emirates. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
