Capital Intelligence (CI), the international credit rating agency, today announced that it has maintained Union National Bank's (UNB) Foreign Currency Long-term and Short-term ratings at 'A+' and 'A1' respectively with a 'Stable' Outlook.
The Support rating is '1', reflecting the Bank's strong ownership and the extremely high likelihood that official support will be forthcoming in case of need. The Financial Strength rating is retained at 'A+' with a 'Stable' Outlook in view of the Bank's continuing strong capital base and rising profitability.
UNB performed well in 2010 despite the slow growth in the domestic economy and the continuing depressed state of the real estate sector. The Bank found opportunities to lend in Abu Dhabi and in the consumer market across the emirates. Key profitability ratios improved last year on the back of a wider interest differential and increased non-interest revenues. Both operating profitability and return on average assets (ROAA) were strong.
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