Bahrain-based United Gulf Bank (UGB) said its shareholders yesterday approved the board's recommendation not to pay any dividend for last year.

The bank's annual general meeting chaired by Masaud Hayat, chairman of the board, also saw approval of financial statements for the year.

Last month, UGB announced a net profit of $4.2 million, or 0.32 cents per share, for last year. This compares with net profit of $6.7 million, or 1.34 cents per share for 2012, reported the Gulf Daily News, our sister publication.

Shareholders also approved the election of board members for a three-year term as well as other appropriations.

Bahrain Bourse-listed UGB is the merchant banking subsidiary of Kuwait's Kipco Group.-TradeArabia News Service