ABU DHABI, Feb 14 (Reuters) - Union National Bank, 50 percent owned by the Abu Dhabi government, on Tuesday posted a 29 percent rise in fourth-quarter net profit, missing analysts’ forecasts.
The fifth largest lender in the emirate by assets reported a net profit of 251 million dirhams ($68.3 million) in the three months to Dec. 31, compared to 195.0 million dirhams in the same period a year ago.
Two analysts polled by Reuters forecast a quarterly profit of 310.0 million dirhams and 373.36 million dirhams respectively .
The bank’s board has proposed a 20 percent cash dividend for 2016, the same as for 2015. (Reporting By Stanley Carvalho, editing by William Maclean)