Abu Dhabi’s Union National Bank on Sunday reported an 18 per cent year-on-year drop in its second-quarter net profit as impairment charges climbed, while non-interest income fell.
Net profit attributable to equity holders in the three months to the end of June slumped to Dh413.4 million, the lender said in a statement to the Abu Dhabi Securities Exchange, where its shares are listed. Net impairment charges soared by 68 per cent to Dh151m at the end of the second quarter from Dh90m reported for the corresponding period in 2017, it said.
“UNB continues to maintain its strategy to cautiously pursue loan growth while managing the downside risks,” Mohammad Abdeen, the chief executive of UNB, said.
UNB's results missed the Dh432m estimate from EFG Hermes, according to Bloomberg. The government of Abu Dhabi holds a 50 per cent stake in UNB, while the government of Dubai owns 10 per cent.
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Total assets slid by 2 per cent year-on-year to Dh100.6 billion. Loans and advances at the end of the first half fell by 7 per cent to Dh67.3bn from the same period a year earlier. Various business deals are in the pipeline and some of them are expected to be completed in the second half of this year, the lender noted.
“Margins continue to improve during the year on the back of increasing yield on assets compared to the cost of funds," said Mr Abdeen. "The Group is well placed to take advantage of growth opportunities …. as the region and more specifically the UAE continue to innovate and diversify for a sustainable future.”
The banks net income for the first six months of 2018 also slid by 12 per cent to Dh841m. It non-interest income fell 35 and 26 per cent for the quarterly and half yearly periods this year respectively, driven by a reduction in fees and commission income and lower gain on dealing in foreign currencies and derivatives, UNB said.
Operating expenses for the first six months increased by 2 per cent over the same period of 2017 while the lender’s cost to income ratio came in at 33.5 per cent for the first half of 2018.
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How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
