Union National Bank - Egypt announced earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported strong profit growth in the third quarter of 22% over the same period of 2013, with a profit of AED 552 million against AED 454 million, up notably by 22% compared to the same quarter of 2013, principally driven by an increase in volumes across the various business segments. The operating income for the third quarter of the year grew strongly to AED 936 million against AED 814 million, up by 15% compared to the same period in 2013. Net interest income and net income from Islamic financing was AED 686 million against AED 669 million for the same period in 2013. Operating profit was AED 688 million against AED 598 million, compared to the same period in 2013.

For the nine months period, the company reported profit of AED 1,584 million or AED 0.54 per share against AED 1,441 million or AED 0.48 per share, an increase of 10% compared to the corresponding period of previous year. The operating income was AED 2,532 million against AED 2,462 million, a year ago, 3% higher over the same period of 2013. Net interest income and net income from Islamic financing was AED 1,959 million against AED 1,990 million for the same period in 2013. Operating profit was AED 1,824 million against AED 1,836 million, compared to the same period in 2013. Return on average equity, as of September 30, 2014 was 15.2% against 15.4%, as of September 30, 2013. Return on average assets, as of September 30, 2014 was 2.4% against 2.2%, as of September 30, 2013.