The Manama-based United Gulf Bank (UGB) reported an impressive 58.7 percent rise in its net profits for the first half of the financial year 2002, compared to the same period in 2001. The bank’s bottom line grew to reach $7.3 million at the end of the first six-months period in 2002.
UGB’s total assets reached $919 million in June-end 2002. During the same period, UGB’s operating income rose to $17.4 million, recording an 87 percent increase from the $9.3 million posted between January and June 2001.
Established in 1980 as a subsidiary of Kuwait Projects Company Holding, UGB is an offshore investment bank domiciled and licensed in Bahrain. It is involved in investment banking and has been rated amongst the world's 10 financially stable banks for the past nine years. In September of 1998 it was transformed into an investment bank.
The bank has a 70 percent shareholding in Tunis International Bank, a 44 percent shareholding in Jordan Kuwait Bank and a 23 percent holding in Latvia’s Baltic Transit Bank. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
