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UNB’s Q3 profits tick up 7%

UNB’s Q3 profits tick up 7%
UNB achieved a rise in net profits by 7% year-on-year
UNB
UNB
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Abu Dhabi – Mubasher: Union National Bank (UNB) achieved a rise in net profits by 7% year-on-year to AED 434.2 million ($118.23 million) by the end of the third quarter of 2018, compared to AED 406 million ($110.55 million).

During the nine-month period ended September 2018, the bank's profit fell 6% to AED 1.26 billion, compared to AED 1.35 billion in the same period last year, it said in a statement to the Abu Dhabi Securities Exchange (ADX).

UNB’s operating profits were also down 4% year-on-year to AED 2.6 billion in the nine-month period versus AED 2.7 billion during the January-September period of 2017.

Meanwhile, operating expenses increased by 5% to reach AED 9.06 billion during the first nine months of 2018, compared to AED 8.65 billion during the corresponding period a year earlier.

UNB has recently been talks over a three-way merger with Abu Dhabi Commercial Bank (ADCB) and private-owned Al Hilal Bank. The deal was seen as credit positive by Moody’s Investors Service in September.

UNB last posted a 12% year-on-year fall in net profit to AED 835.2 million in the first half of 2018.