Abu Dhabi – Mubasher: Union National Bank (UNB) posted a 40% year-on-year drop in profits for the first quarter of 2019.

Net profits stood at AED 251.4 million ($68.46 million) in Q1-19, from AED 421.8 million ($114.85 million) in Q1-18, according to the lender’s statement to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

UNB’s operating revenues plunged 4% to AED 847.7 million during the three-month period ended last March, compared to AED 883.2 million in the same period of the previous year.

Impairment charge on financial assets soared 50% to AED 239 million in the January-March period of this year, against AED 159.5 million in the prior-year period, the UAE-based bank noted.