Union National Bank squeezed more income out of its borrowers despite an overall drop in lending, the bank's financial statements for the first quarter show.
The last of the UAE's big banks to report earnings, UNB posted a 20.3 per cent rise in net profits to Dh456 million.
Income from loans and Islamic financing rose 11.5 per cent to Dh532.2m, even though net loans and advances fell 0.4 per cent to Dh56.2 billion during the first three months of the year.
Fee income, which will be limited in the coming months as a result of regulations from the Central Bank, also rose 8.5 per cent to Dh140m.
"The uncertain economic environment globally continues to impact consumer and business confidence with the demand for credit remaining muted," the bank said in a statement to the Abu Dhabi Securities Exchange.
Though impairment losses rose 25.7 per cent to Dh123.5m, recoveries of Dh53.7m which had previously been written off kept total impairments 24 per cent lower than last year at Dh69.8m.
Customers' deposits rose 2.8 per cent to Dh59.5bn.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.