Abu Dhabi's Union National Bank declines 6
percent after fourth quarter earnings drop 19 percent on higher provisioning.
The fifth-largest bank in Abu Dhabi by market
capitalisation saw its fourth-quarter net profit drop to 135
million dirhams ($36.76 million)from 167 million dirhams in the final three months of 2010, according to Reuters calculations.
Shares drop 6.6 percent, weighing on the broader index
"UNB's results came as a disappointment, varying from our
expectations due to higher than anticipated provisions," said
Naveed Ahmed, senior financial analyst at Global Investment
House, in a research note.
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