United International Bank (UIB) said that its total income for first period of operation at the end of last year has reached $55.1 million.

The Bahrain-based bank generated a net income of $20.9 million during the period with total assets growing to $383 million.

'This was achieved through positive results and growth in all business areas, which was reflected in its fee income,' said UIB.

The bank, which was established in the second half of 2006, provides Sharia-compliant private equity and asset-based investments to its investors in the GCC.

UIB completed a number of transactions during the period in sectors ranging from telecommunications, shipping and aviation to real estate.

These include the establishment of an aviation fund comprising a diversified portfolio of wide-body and narrow-body aircraft leased to airlines in GCC, Europe and Far East.

The bank also partnered with a number of real estate developers in the region in the various real estate sectors including the affordable housing sector in the GCC.

UIB chairman Asaad Albanwan said that since its establishment, the bank has been focused on the fulfillment of its business plan through its core business lines and the offering of distinctive investment opportunities, which generate superior returns for our investors.

'During the period not only was the bank successful in establishing its infrastructure and assembling a high calibre management team, but also has been able to complete a number of transactions, which have enabled it to position itself for delivering strong performance for both our investors and our shareholders this year and beyond.'

'We believe that the current economic and financial conditions in Europe and US will provide good investment opportunities at attractive valuations. With liquidity an issue for a number of institutions particularly in these countries, UIB with a strong capital base and liquidity is well positioned to take advantage of these opportunities.'

General manager and acting chief executive officer Abdulla Janahi said the past few months have been challenging for the financial markets in general.

'However, UIB managed to achieve a good performance in its first period of operations. The bank will continue to focus on its core lines of business and has a strong pipeline of identified transactions to help achieve its strategic objectives.'

'UIB is looking at a number of transactions both in the region and globally.'

Janahi said the bank has already concluded its first corporate investment transaction acquiring 92 per cent of a leading European company, Kosan Crisplant which is a global leader in the provision of systems and solutions for filling and reconditioning of liquefied petroleum gas cylinders.

'The bank is also in advanced stages of finalising a milestone corporate buyout transaction in UAE and a real estate development project in Bahrain.'-TradeArabia News Service