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Abu Dhabi's Union National Bank Q1 net profit rises 3.5 pct
May 12, 2014 / 4:47 AM / 4 years ago

Abu Dhabi's Union National Bank Q1 net profit rises 3.5 pct

DUBAI, May 12 (Reuters) - Abu Dhabi’s Union National Bank (UNB) posted a 3.5 percent rise in first-quarter net profit on Monday, beating the estimates of analysts who had expected its earnings to shrink.

The bank made a profit of 512.1 million dirhams ($139.4 million) in the quarter, up from 494.9 million dirhams a year earlier, it said in a statement.

Six analysts polled by Reuters had on average forecast that UNB’s profit would fall 3.9 percent, although their forecasts were based on a slightly different figure that excludes profit owed to minority shareholders of the bank’s subsidiaries.

Under this figure, net attributable profit, UNB’s net profit rose 3.6 percent to 509.1 million dirhams. ($1 = 3.6730 UAE Dirhams) (Reporting by Olzhas Auyezov; Editing by David French)

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