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United Gulf Bank Declares Net Profit of 20.1 Million Dollars

Bahrain : 26 February 2010

United Gulf Bank B.S.C. – Bahrain (UGB), has declared net profit of 20.1 million US dollars or 2.46 US cents for each share for 2009 compared to 207.3 million US dollars or 25.3 US cents for each share in 2008.

Revenue before interest and other expenses for 2009 declined from 341.4 million US dollars in 2008 to 124.5 million US dollars.

UGB’s Board of Directors will propose a dividend for shareholders’ approval by the Bank’s General Assembly after getting required regulatory consent. A declaration on the 2009 dividend will be made to the Bahrain and Kuwait Stock Exchanges immediately after a decision is made.

UGB recorded a net profit of 1.9 million US dollars in the last quarter of 2009 compared to a loss of 141.6 million US dollars in the same period last year. UGB’s full assets on 31 December 2009 were 2.4 billion US dollars as compared to 2.9 billion US dollars on 31 December 2008.

UGB’s capital adequacy ratio on 31 December 2009 was 14.5% against the minimum regulatory condition of 12.5%.

Evaluating the 2009 results, UGB’s Chairman, Mr Faisal Al Ayyar, said that UGB has a sound and robust asset base which has provided gains. The Bank has a plan to keep a sound level of liquidity and equity base and as a consequence, they have come out stronger from the troubles presently being faced by the international investment banking industry.

Moody’s assigned an investment grade ranking of Baa3 to UGB’s 1 billion US dollars EMTN program in February 2010.

UGB is the investment banking holding of KIPCO (the Kuwait Projects Company) and supervises a regional system of investment banking and asset management firms.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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