The offshore Bahrain-based investment bank, United Gulf Bank (UGB), announced a net income of $11 million for the first half of 2000, a 20.36 percent rise over the corresponding period of 1999.
The bank's profitable international investments department is one of the contributing factors to the bank's sharp increase in net income.
Shareholders’ equity rose to $207.6 million at the end of June, a 5.6 percent increase relative to the corresponding period in 1999. Earnings per share sharply rose by $0.092, from $0.013 June-end 1999 to $0.105 June 30 this year.
United Gulf Bank is a member of Kuwait Projects Co., a well-diversified Kuwaiti holding company. ― (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
