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UPDATE 1-Union National Bank Q4 net profit more than doubles, misses view
February 2, 2014 / 7:52 AM / in 4 years

UPDATE 1-Union National Bank Q4 net profit more than doubles, misses view

* Q4 net profit 306 mln dhs vs 136 mln dhs in Q4 2012

* 2013 profit 1.74 bln dhs vs 1.6 bln dhs in 2012

* Dividend of 0.15 dhs/shr, 5 pct bonus shares (Adds detail, context, changes dateline to Abu Dhabi)

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

The bank said in a bourse filing it made a 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 on average a net profit of 362.1 million dirhams in a Reuters poll.

UNB, which is 50 percent owned by the Abu Dhabi government, made a full-year profit of 1.75 billion dirhams compared to 1.6 billion dirhams in 2012, helped by a 10 percent rise in non-interest income and a modest gain in net interest income.

Banks in the United Arab Emirates have reported strong earnings growth for the fourth quarter as they benefit from the improving economic picture in the Gulf Arab nation, especially in the key real estate sector, which was buffeted following a 2009 crash.

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.

General provisions totalled 1.1 billion dirhams for the full year compared to 1 billion dirhams in 2012, the statement said, without providing a break-down for the quarter.

Deposits at the bank grew 3 percent in 2013 to 65.1 billion dirhams, while net loans and advances increased 5 percent to reach 60 billion dirhams at the end of December. ($1 = 3.6730 UAE dirhams) (Reporting by Stanley Carvalho; Editing by David French and Alison Williams)

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