UGB posts profit

For the year ended December 31, 2003, UGB recorded a net profit of $36.2 million or 47 cents per share.

The Board of Directors has recommended to its Annual General Meeting of shareholders a record cash dividend of 14 per cent of the share value, or 3.5 cents per share.

UGB chairman and Kipco managing director, chief executive officer Faisal Al Ayyar commented: "As it enters its Silver Jubilee year, United Gulf Bank is in a very healthy financial position, having distinguished itself in difficult and uncertain operating environments. UGB's core business lines in wealth management, commercial banking, real estate, portfolio investments and corporate finance continue to produce excellent results."