UGB Q1 profit at $16.3m

BAHRAIN — United Gulf Bank - Bahrain (UGB), the investment-banking subsidiary of Kipco (Kuwait Projects Company Holding), has announced profit of $16.3 million for the first quarter of 2005, or 2.13 cents per share.

By (Wam)

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Published: Sun 24 Apr 2005, 10:14 AM

Last updated: Thu 2 Apr 2015, 4:09 PM

This represents a 43 per cent increase over the $11.4 million net profit earned during the same period last year, and follows UGB’s best-ever full year net profit of $43.3 million in 2004, according to a Press release issued yesterday.

UGB Chief Executive Officer William Khouri said: “The first quarter performance was at historic levels supported by strong trading gains and disposals, as well as continued growth in our core businesses and in particular the wealth management services provided by Kamco. This is an excellent start to a year which promises to continue the momentum of the past two record earning years and deliver yet a third year in a row of historic net income."

UGB’s total consolidated revenue of $42.5 million in the first three months of 2005 increased by 86 per cent over the $22.9 million recorded in the same period last year. Contributing to this record first quarter revenue were realised and un-realised gains on the trading book of $10.3 million, gain on sale of investments available for sale of $7.5 million, dividend income of $4.5 million, fees and commissions of $7.3 million and share in profit of associated companies of $8.2 million.

Total consolidated assets at 31st March, 2005 were $1.47 billion, supported by total consolidated shareholders’ equity in excess of $289 million. the excess of market value over carrying cost of UGB’s investments in publicly quoted subsidiaries and affiliates now stands in excess of over $500 million. UGB manages a diversified portfolio of investments in wealth and asset management, commercial banking, real estate, telecommunications, private equity and quoted securities. Kipco, with assets of more than $10b under management or control, is one of the leading diversified holding companies in the ME and North Africa and a major regional force in financial services and media technology.

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