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Monday, 17 October 2016

UPDATE 1-UAE's Union National Bank Q3 profit falls 15 pct, misses forecasts | Reuters

UPDATE 1-UAE's Union National Bank Q3 profit falls 15 pct, misses forecasts | Reuters:

"Union National Bank, 50 percent owned by the Abu Dhabi government, on Monday posted a 15 percent drop in third-quarter net profit, missing analysts' forecasts as interest income fell.

It was the sixth successive quarter of weaker earnings, squeezed by government spending cuts in the United Arab Emirates and tighter liquidity due to lower oil prices.

The fifth largest lender in the emirate by assets reported a net profit of 410 million dirhams ($110 million) in the three months to Sept. 30, compared to 483 million dirhams in the same period a year ago."



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