March 11, 2018 / 3:22 PM / in a year

UNB CEO expects 7-10 pct profit growth in 2018

ABU DHABI, March 11 (Reuters) - Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, said on Sunday it expected 7 to 10 percent growth in profits in 2018.

CEO Mohamed Nasr Abdeen told journalists after the bank’s annual general meeting (AGM) that loan growth, which fell by 4 percent in 2017, was expected to grow by between 5 and 7 percent this year, due to economic stability and growth.

“We see a better chance this year due to stability in the economy,” he said, adding the bank was not in a hurry to inflate its loan book.

Abdeen said the rise in oil prices was a positive factor. “We expect the government to come up with new projects,” he said.

Abdeen said the bank was planning to open five new branches in Egypt, taking the total number of branches in the country to 48. (Reporting by Stanley Carvaho; Writing by Sami Aboudi; Editing by Ghaida Ghantous and Mark Potter)

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