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