UGB net profit in H1 drops 41pc to $9.7m
Manama, August 15, 2013
United Gulf Bank (UGB) yesterday announced a net profit of $9.7 million for the first half of this year as against $16.5 million during the same period last year, marking a 41.3 per cent decrease.
Net income attributable to the shareholders of the parent for the second quarter decreased by 56.7 per cent to $3.2 million, compared with $7.3 million in the second quarter of 2012, reported the Gulf Daily News, our sister publication.
On a six month basis, UGB recorded a total income of $37.6 million for the first half of the year, compared with $60.3 million for the same six-month period last year.
Fees and commission income contributed $9.3 million compared with $11.5 million and contribution from associates decreased to $18.7 million compared with $21.6 million in the first half of last year due to decline of commercial banking results.
Investment income reduced to $5.3 million compared with $24.1 million in first half of 2012 due to deleveraging and exits of non-trading investments last time.
Net profit attributable to the shareholders of the parent for the second quarter decreased by 56.7 per cent to $3.2 million compared with $7.3 million for the same period last year.
UGB's total assets stood at $1.26 billion as on June 30 this year, an increase from $1.23 billion as on December 31 last year.
UGB's assets under management on June 30 were $9.2 billion, compared with $8.1 billion on December 31 last year. – TradeArabia News Service
More Finance & Capital Market Stories
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn