October 17, 2016 / 10:27 AM / a year ago

UAE's Union National Bank Q3 profit falls 15 pct, misses forecasts

ABU DHABI, Oct 17 (Reuters) - Union National Bank, 50 percent owned by the Abu Dhabi government, on Monday posted a 15 percent drop in third-quarter net profit, missing analysts’ forecasts.

The fifth largest lender in the emirate by assets reported a net profit of 410 million dirhams ($111.7 million) in the three months to Sept. 30, compared to 483 million dirhams in the same period a year ago.

The average forecast of three analysts polled by Reuters had been for a quarterly profit of 456.7 million dirhams. (Reporting by Stanley Carvalho; Editing by Andrew Torchia)

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