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United Gulf Bank announces $221m net profits in 2007

The board of directors has recommended to the annual general meeting of shareholders, held on March 13, 2008, and subject to appropriate regulatory approvals, a dividend of 65 per cent in cash or 16.25 US cents per share.

Total revenues of $441.3 million in 2007 was 82.5 per cent higher than $241.8 million in 2006. Exceptional gains of $109.4 million were recorded from the sale of telecommunication assets, and from the sale of investments in United Fisheries of Kuwait and United Projects for Aviation Service Company. The results also include organic growth in wealth management and financial services sectors with KAMCO, Algeria Gulf Bank, Bank of Baghdad, Jordan Kuwait Bank and Tunis International Bank posting significant gains in their respective businesses.

Investment income at $200.1 million was 107.4 per cent higher in 2007 than $96.5 million in 2006 partly influenced by exceptional gains on the three exits mentioned earlier, and partly due to an increase of $45.6 million in gains on investments held for trading and an increase of $6.5 million in dividend income. Normalised net profit of the Bank at $111.5 million also recorded a solid increase of 37.5 per cent over the comparable figure of $81.1 million in 2006.