UNB’s 4Q16 earnings hit by high provisioning; positive dividend surprise
UNB reported net profit of AED249mn for 4Q16, -39% Q-o-Q and 29% Y-o-Y. The bank’s earnings came in below our forecast of AED310mn mainly due to higher than expected provisioning. The bank proposed a DPS of AED0.20 (4.5% yield), which beat our estimate of AED0.10. (Company disclosure, Shabbir Malik)
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