Abu Dhabi – Mubasher: Union National Bank (UNB) has reported a 6% decline in net profit during the first quarter of 2018.

The bank’s net profit registered AED 421.8 million in Q1-18 versus AED 449.3 million in the year-ago period, according to a bourse statement released on Sunday.

The decline in net profit is attributable to a 2% decrease in operating income in the three-month period ended 31 March.

Meanwhile, operating expenses grew 8% to AED 285.9 million from January to March, compared to AED 265.5 million in Q1-17.