Dividend announcement follows the bank’s annual general meeting (AGM) on 11 March 2018.
UAE’s Union National Bank (UNB), has held its AGM on 11 March 2018 in Abu Dhabi. Shareholders in the meeting approved the Board of Directors’ recommendation to distribute a cash dividend of 20 per cent.
UNB reported a net profit of AED 1,657 million in 2017 up by five per cent as compared to the prior year. The operating profit for UNB was AED 2,496 million for the year 2017, up by 6 per cent over the last year due to an increase in operating income by four per cent in 2017 to AED 3,631 million driven by an increase in both non-interest income and net interest income.
Net loans and advances were AED 71.1 billion as at 31 December 2017, lower by four per cent year-on-year due to certain loan repayments in wholesale banking segment and overall softer credit demand, whilst customers’ deposits increased by two per cent to AED 78.7 billion as at 31 December 2017.
Following the completion of the three-year term of the Board of Directors, the shareholders also elected the Directors of the Bank for a new three-year term.