Union National Bank's consolidated net profit attributable to equity shareholders reached AED 833.3 million for the first nine months up to September 2007 as compared to AED 833.6 million for the corresponding period of 2006.
The results are quite encouraging, given that income from opportunistic capital market related activities was included in 2006, which has not been the case so far in 2007. On a core business comparative basis, the Bank?s net profits have risen by 45% over this period. The net profit for the three months period ended 30 September 2007 was AED 295.2 million, compared to AED 206.3 million for the same period in 2006, representing an increase of 43.1% quarter-on-quarter reflecting solid growth in business and income from the core banking activities.
The net loans and advances have grown by 36.4% to reach AED 35.0 billion as at 30 September 2007 (30 September 2006: AED 25.7 billion) on the back of sustained deal generation. The Bank was actively involved in the area of loan syndications. Customers deposits grew to AED 31.4 billion (30 September 2006: AED 25.8 billion), an increase of 22.1% and along with an increase in medium term borrowings supported the asset growth. These increases contributed to the consolidated total assets as at 30 September 2007 reaching AED 46.4 billion as compared to AED 36.1 billion for the same period last year, an increase of 28.7%.
The return on average assets of 2.6% and return on average equity of 18.2 % for the period ended 30 September 2007 remained satisfactory.
Commenting on the satisfactory results, Mr. Mohammad Nasr Abdeen, Chief Executive of the Bank stated, "The solid results over the three quarters are a re-affirmation of our strategy to pursue focussed growth in our home market (UAE) whilst following a controlled regional expansion programme that should be value accretive for our stakeholders". Source
The results are quite encouraging, given that income from opportunistic capital market related activities was included in 2006, which has not been the case so far in 2007. On a core business comparative basis, the Bank?s net profits have risen by 45% over this period. The net profit for the three months period ended 30 September 2007 was AED 295.2 million, compared to AED 206.3 million for the same period in 2006, representing an increase of 43.1% quarter-on-quarter reflecting solid growth in business and income from the core banking activities.
The net loans and advances have grown by 36.4% to reach AED 35.0 billion as at 30 September 2007 (30 September 2006: AED 25.7 billion) on the back of sustained deal generation. The Bank was actively involved in the area of loan syndications. Customers deposits grew to AED 31.4 billion (30 September 2006: AED 25.8 billion), an increase of 22.1% and along with an increase in medium term borrowings supported the asset growth. These increases contributed to the consolidated total assets as at 30 September 2007 reaching AED 46.4 billion as compared to AED 36.1 billion for the same period last year, an increase of 28.7%.
The return on average assets of 2.6% and return on average equity of 18.2 % for the period ended 30 September 2007 remained satisfactory.
Commenting on the satisfactory results, Mr. Mohammad Nasr Abdeen, Chief Executive of the Bank stated, "The solid results over the three quarters are a re-affirmation of our strategy to pursue focussed growth in our home market (UAE) whilst following a controlled regional expansion programme that should be value accretive for our stakeholders". Source
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