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UGB AnnouncesFirst Quarter Profit of US$ 4.8 million
09 : 22 PM - 10/05/2011

Manama - May 10 (BNA) -- United Gulf Bank B.S.C. (c) ("UGB"), the asset management and investment banking arm of the KIPCO Group, has announced a net profit of US$ 4.8 million (0.59 US cents per share) for the first quarter of 2011, compared to the net profit of US$ 7.5 million (0.91 US cents per share) for the same period in 2010. Total income for the first quarter of 2011 was US$ 26.3 million compared to US$ 27.5 million in March 2010. UGB also made provisions of US$ 3.2 million for the quarter (Q1 2010: Nil). UGB’s total assets for the quarter were US$ 1.88 billion compared to US$ 1.92 billion for year end 2010. UGB’s capital adequacy ratio at the end of the first quarter of 2011 was 19 per cent,
compared to the regulatory requirement of 12 per cent. Assets under management were $7.6 billion for the first quarter, compared to $8.1 billion for the year end 2010. Commenting on UGB’s first quarter results, the Chairman, Mr. Masaud Hayat, said: "Following the sale of our commercial banking assets and our renewed focus on asset management and investment banking, UGB has delivered healthy profits for the first quarter. This is an excellent achievement considering the significant challenges posed by the uncertain regional political and economic environment. We have made good progress within our core asset management and investment banking business and will continue to strengthen our liquidity position. We have already received long-term commitments to repay the maturities due this year and this will extend our current credit position."


BNA 1716 GMT 2011/05/10

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