(MENAFN - Khaleej Times) Union National Bank net profit grew 16.6 percent year-on-year to Dh1.350 billion in the year 2010 on higher business volumes.
"The net interest income for 2010 was up by 18.4 percent to Dh1.950 billion while non-interest income grew by 28.4 percent year-on-year to Dh603.9 million," the bank said in a regulatory filing to Abu Dhabi Securities Exchange.
"The increased net interest income was achieved through higher business volumes and an improved net interest margin, resulting from a sharp asset liability management throughout the year as some of the downside risks have ebbed," the statement said.
"Fees and commission income," it said were, "the single most significant contributor to the non-interest income increased in 2010 by 25.9 percent to reach Dh559.8 million."
The loans and advances increased to Dh56.6 billion as at 31 December 2010 up by 11.4 per cent compared to a year ago, with the focus being on prudent and selective lending. Customers' deposits grew by 13.0 percent to Dh57.9 billion, with the loan to deposit ratio as at 31 December 2010 being 97.6 percent against 99 percent a year ago, the bank.
BY Haseeb Haider