Union Bank returned to profit after recording a loss in the fourth quarter of 2008.
Union Bank of Israel (TASE: UNON) today published its financial report for the first quarter of 2009. The bank saw its doubtful debt provision soar 160% to NIS 26 million. However, Union Bank reported profit of NIS 21 million compared with a loss of NIS 21 million in the fourth quarter of 2008. Union Bank showed a return of 4.7% on equity.
The bank reported capital adequacy of 12%. The rate of doubtful debt provision was 0.55% of the bank's entire credit portfolio to the public.
The bank's share rose 4% by early afternoon on the TASE to NIS 12.36.
Published by Globes [online], Israel business news - www.globes-online.com - on May 31, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009