UAE’s Union National Bank Q4 net profit up 29%

Union National Bank, 50 percent owned by the Abu Dhabi government, on Tuesday posted a 29 percent rise in fourth-quarter net profit, to AED 251 million.

For the fiscal year 2016, the bank reported a net profit of AED 1.58 billion, 15 percent lower than the AED 1.86 billion net profit in FY-2015.

Total assets were AED 103.4 billion as of Dec. 2016, up 2 percent year on year.

Earnings per share came to AED 0.55 in 2016 compared with AED 0.65 in the year earlier period. 

The bank's board has proposed a 20 percent cash dividend for 2016, the same as for 2015.