• Home
• /
• Business

UGB profit increases 39pc in Q1

BAHRAIN — United Gulf Bank BSC — Bahrain (UGB), has announced profit of $22.6 million for the first quarter of 2006, or 2.91 cents per share. This represents a 38.7 per cent increase over the $16.3 million net profit or 2.13 cents per share earned during the same period last year, and follows UGB's best-ever full year net profit of $ 81.0 million in 2005.

Commenting on the performance, UGB Chief Executive, William Khouri said, "This performance puts UGB solidly on the path for another record year of earnings. Net Income for the first 3 months of 2006 saw gains from organic growth in our financial services sector (in particular KAMCO, JKB and AGB); gains from disposal of an investment in the hospitality sector in Egypt as well as gains on the European and US markets. UGB's diversified asset allocation strategy has once again paid off well in the quarter as the downturn in regional valuations was setoff by gains in US and European assets".

UGB's total consolidated revenue of $50.3 million in the first three months of 2006 increased by 18.2 per cent over the $42.5 million recorded in the same period last year. Contributing to this record first quarter revenue was investment income of $15.8 million, fees & commissions of $14.2 million and share in profit of associated companies of $13.3 million.