Union National Bank reports profits increase

16 October 2008
Union National Bank, the Abu Dhabi-based lender, has reported that profits for the third quarter of 2008 almost doubled to AED610.8m ($166.3m), from AED395.1m in the same period of 2007.

Total assets hit AED62.6bn at the end of September 2008, a growth of 35 per cent on the same period in 2007.

The bank also said loans and advances grew by 45.5 per cent during the first nine months of the year to AED50.98bn, while deposits grew by 40 per cent to AED43.89bn.

National Bank of Oman has also reported a 26.4 per cent increase in profits in the third quarter to OR12.3m ($31.9m), and Commercial Bank of Dubai reported a 19 per cent increase in profit in the same period, to AED261m.

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