Union National Bank, Abu Dhabi's fourth-largest lender by market value, posted an 8.6 per cent rise in quarterly profit on Wednesday, helped by higher interest income and income from Islamic financing.
The bank said it made fourth-quarter net profit of Dh136 million in the three months to December 31, up from Dh125m in the prior-year period.
Six analysts forecast average net profit of Dh277.65m in a Reuters poll last month.
Full-year profit was Dh1.6 billion, compared to 1.5bn in 2011. Fourth-quarter provisions stood at Dh352m versus Dh292m in the prior year period.
UNB, which is 50 per cent owned by the Government of Abu Dhabi, earned revenues totalling Dh3.09bn in 2012 compared to Dh2.83bn in 2011.
Deposits at the bank rose 5.2 per cent in 2012 to Dh63.4bn from Dh60.3bn in 2011, while net loans and advances decreased 0.4 per cent to Dh57.3bn at the end of 2012 from Dh57.6bn at the end of the previous year.
Total assets stood at Dh87.1bn at the end of 2012, up 5.7 per cent.
* Reuters
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Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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