Union National Bank Q4 net profit more than doubles, misses view

DUBAI Sun Feb 2, 2014 1:54am EST

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DUBAI Feb 2 (Reuters) - Union National Bank, Abu Dhabi's fourth-largest lender by market value, said on Sunday its fourth-quarter net profit more than doubled from a year earlier, but the results still fell short of analysts' expectations.

The bank said in a bourse filing it made a fourth-quarter net profit of 306 million dirhams ($83.3 million) in the three months to Dec. 31, up from 136 million dirhams in the prior-year period.

Six analysts forecast average net profit of 362.1 million dirhams in a Reuters poll.

Full-year profit was 1.75 billion dirhams, compared to 1.6 billion dirhams in 2012.

The bank recommended a cash dividend of 0.15 dirhams per share and a 5 percent bonus share issue for 2013. This was up from the 0.10 dirhams distributed for the previous year. ($1 = 3.6730 UAE dirhams) (Reporting by David French; Editing by Dinesh Nair)

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