Bahrain, 5 May 2010 - UGB announces net profit of US$ 7.5 million for first quarter 2010
 

 

Bahrain, 5 May 2010:  United Gulf Bank B.S.C. – Bahrain (‘UGB or Bank’), has announced a net profit of US$ 7.5 million (0.91 US cents per share) for the first quarter ended 31 March 2010, compared to the net profit of US$ 9.2 million (1.14 US cents per share) for the same period in 2009. Results in 1Q09 included US$ 26.2 million gain realized from the Bank’s exit from its investments in Algeria and Iraq.

Income before interest and other expenses for the first quarter of 2010 was US$ 27.5 million compared to US$ 30 million in March 2009.

UGB’s total assets as at 31 March 2010 were US$ 2.3 billion compared to US$ 2.4 billion as at year end 2009. UGB’s capital adequacy ratio at the end of the first quarter 2010 stood at 14 percent against the regulatory requirement of 12 percent.

Commenting on the first quarter results, David J Rhodes, UGB’s Chief Executive Officer said:

“Our first quarter performance demonstrates the strength of our diversified asset base, which has delivered continuous profitability for the last 18 years. In addition to focusing on our asset management and investment banking growth strategy, we continue to maintain strong level of liquidity and equity. “

UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment banking and asset management companies.

 

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Notes to Editors:
UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment banking and asset management companies. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. As of 31 March 2010, assets under management exceeded US$ 7.2 billion (31 December 2009: US$ 7.2 billion). UGB’s core subsidiaries, associates and joint venture include: Al Dhiyafa Holding Company, Al Sharq Financial Brokerage Company, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Millennium Private Equity Limited, North Africa Holding Company, Royal Capital Company, Syria Gulf Bank, Tunis International Bank, United Networks (formerly United Cable Company), United Gulf Bank Securities Company, United Gulf Financial Services – North Africa, United Healthcare Company, United Industries Company and United Real Estate Company.

UGB and its subsidiary KAMCO have a proven track record of successfully completing around 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 8 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.

UGB is part of the KIPCO Group - is part of the KIPCO Group - one of the biggest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 18.6 billion. The Group has substantial ownership interests in a portfolio of over 60 companies operating across 26 countries. The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in the real estate, manufacturing, airline, education and management advisory sectors.

 

For further information:

United Gulf Bank / Telephone: +973 17533233 / Email: info@ugbbah.com