UGB's net profit up 60 percent in 1H 2003
United Gulf Bank (UGB) recorded a net income of $9.32 million in the second quarter of 2003, resulting in a first half performance of $15.36 million. The results compares with a net income of $9.64 million for 2002, marking a 60 percent increase.
Total revenue for the first six months of 2003 reached $41.23 million compared to $58.2 million in 2002 and $27.80 million for the first six months of 2002. Consolidated total assets as of June 30 2003 grew 1.5 percent, mostly in the form of liquidity, to $951.76 million, while consolidated equity grew 10.3 percent to $231.5 million. UGB’s BIS ratio improved to 19 percent.
UGB has total assets of around $950 million, supported by shareholders’ funds of more than $230 million. UGB’s main subsidiaries are Tunis International Bank, KIPCO Asset Management Company, UGB Securitiesand Algeria Gulf Bank. UGB also has equity interests of 44 percent in Jordan Kuwait Bank, 34 percent in United Real Estate Company and 49 percent in the United Industries Company.
UGB’s activities consist of private equity and fund investments, quoted equities, asset management, corporate finance, real estate, treasury and selective commercial banking services. — (menareport.com)
© 2003 Mena Report (www.menareport.com)