Union National Bank said its fourth-quarter profit increased by 29 per cent as money set aside to cover bad debt dropped and operating income rose.
Profit in the three months to the end of December came in at Dh251 million compared with Dh195m in the fourth quarter of 2015, the bank said.
Net impairment charges fell to Dh313m in the fourth quarter of 2016 versus Dh395m in the previous year, it said.
Operating income rose by 5 per cent to Dh905m versus Dh862m a year earlier.
“2016 was a challenging year which saw slowing credit growth and higher funding costs for GCC banks due to tighter liquidity conditions,” said Mohammad Nasr Abdeen, the bank’s chief executive.
“In the backdrop of tough market conditions, UNB has delivered consistent results driven by steady business growth and prudent risk and cost management.”
Still, Shabbir Malik, a Dubai-based banking analyst at the Egyptian investment bank EFG Hermes, said that the quarterly net profit came in below his expectation of Dh310m because of higher than expected provisioning.
The collapse in the price of oil starting in the summer of 2014 has reduced demand for loans and increased the level of debt defaults among UAE banks across the board.
The board has recommended a 20 per cent cash dividend subject to shareholder approval.
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Earnings reports
■ ADIB fourth-quarter profit lower on bad debt provisioning
■ Aldar fourth-quarter profit dips 1 per cent amid 'softer operating market'
■ Quarterly profit slips 9% for Amanat Holdings
■ Arkan Building Materials annual profit declines 25%
■ Damac Properties' fourth-quarter net profit rises 1.3%
■ Drake & Scull's 2016 net loss narrows to Dh787 million
■ Du fails to offset royalty payment rise as profit falls
■ Emaar Properties fourth-quarter net profit up 56%
■ Etisalat profit edges up on growing UAE revenue
■ Manazel Real Estate profit rises 16% in second half
■ Marka will continue with cost-cutting after second straight annual loss
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mkassem@thenational.ae
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MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Game Of Thrones Season Seven: A Bluffers Guide
Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.
The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.
Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
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Price: Exact regional pricing TBA
MATCH INFO
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned
New schools in Dubai
