Abu Dhabi-Mubasher: NBK Capital, the investment arm of National Bank of Kuwait (NBK), set the fair value of Union National Bank (UNB) at AED 6.10, recommending ‘Buy’.
The research firm said the evaluation came after the lender’s CEO said he does not expect significant growth in 2016 earnings.
The loan portfolio is likely to rise by 2% in 2016, compared with 7% a year earlier.
CEO Mohammad Abdeen said on Monday the bank is unlikely to see significant growth in 2016 earnings.
FY15 earnings reached AED 1.76 billion ($479 million), compared with AED 2.02 billion ($550 million) a year earlier.
Abdeen told reporters on Monday that he hopes the bank to maintain its earnings at the same level of 2015. “We don’t expect a leap in earnings this year,” he added.
