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DUBAI / Emirates Business
Union National Bank (UNB), one of the leading banks based in the United Arab Emirates, recorded a profit of AED841 million for the first half of 2018. The profit for the second quarter of 2018 of AED416 million was lower by 2% quarter-on-quarter as the group continued to remain selective to book new business amid scheduled repayments of loan facilities.
Commenting on the results, Mohammad Nasr Abdeen, Chief Executive Officer, Union National Bank said “Whilst maintaining strong balance sheet, sound liquidity position and solid capital ratios, UNB continues to maintain its strategy to cautiously pursue loan growth while managing the downside risks. Margins continue to improve during the year on the back of increasing yield on assets compared to the cost of funds.