Bahrain, 14 May 2017– United Gulf Bank B.S.C. (“UGB”), today announced its financial results for the first quarter of 2017.
Key Financial Highlights
- Net profit attributable to shareholders of the parent of US$ 4.7 million (1Q2016: US$ 3.0 million)
- Net consolidated profit of US$ 5.1 million (1Q2016: US$ 0.4 million)
- Basic earnings per share of 0.57 cents (1Q2016: 0.37 cents)
- Total income before interest and other expenses US$ 40.7 million (1Q2016: US$ 33.0 million)
- Total assets of US$ 3.25 billion (31 December 2016: US$ 3.01 billion)
Financial Performance
UGB’s net profit attributable to shareholders of the parent increased by 54% to US$ 4.7 million compared to US$ 3.0 million for the same period last year, with a similar increase in basic earnings per share to 0.57 cents from 0.37 cents in first quarter 2016. UGB total income increased by 23% to US$ 40.7 million compared to US$33.0 million at 31 March 2016.
UGB’s total assets increased by 8% to US$ 3.25 billion as at 31 March 2017, compared to US$ 3.01 billion at 31 December 2016. UGB balance sheet remains strong with total equity of US$ $ 540.7 million (31 December 2016: US$ 529.5 million) mainly reflective if the increase in retained earnings.
Commenting on the results, Mr. Hussain Lalani, Acting Chief Executive Officer of UGB, said:
“Our strategy to diversify revenue base paid dividends as we managed to record healthy profits despite challenging market conditions. We are constantly looking at ways to further improve UGB operational structure and are in advanced stages of finalizing a comprehensive plan which when implemented will ensure the Bank maintains adequate capital to meet its growth plans, while maintaining strong liquidity and keeping pace with a changing regulatory landscape”
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About UGB:
UGB is the merchant banking subsidiary of KIPCO Group. Its proprietary investments include assets in commercial banking, real estate, private equity, and quoted securities. As of 31 March 2017 assets under management exceeded US$ 10.4 billion (31 December 2016: US$ 10.0 billion).
UGB’s core subsidiaries and associates include: Burgan Bank, KAMCO Investment Company (KAMCO), FIMBank p.l.c, North Africa Holding Company, United Gulf Financial Services – North Africa, Takaud Savings & Pension Company, United Capital Transport Company and United Real Estate Company.
UGB and its subsidiary KAMCO have a proven track record of successfully completing more than 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 10 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.
For further information:
United Gulf Bank
Wadia Majeed
T: +97317520150
E: wadia@ugbbah.com