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ABU DHABI / WAM
Union National Bank (UNB) recorded a net profit of AED1,657 million for the year 2017, up by five percent compared to the previous year. The net profit for the fourth quarter of the year was AED289 million, higher by 15 percent as compared to the same quarter of 2016.
The Board of Directors has recommended a dividend distribution of 20 percent, AED0.20 per share, of cash dividend subject to necessary approvals, the UNB said in a statement on Tuesday.
Commenting on the results, Mohammad Nasr Abdeen, Chief Executive Officer, UNB, said, “The UNB Group has recorded another year of satisfactory financial performance as the global economic outlook continues to improve.
The Group’s focus has been to further expand its franchise, selectively pursue growth with emphasis on fee related business and prudent risk management.â€