Egypt's electricity minister, Copelouzos Group discuss progress on Egypt–Greece power interconnection    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Prime Developments, Osoul for Tourism Development launch EGP 1.25bn CLAN project in Hurghada    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Total financing by FRA-regulated entities hits EGP 640.1bn in June 2025    Egypt aims to restore gas output, reach self-sufficiency by 2027: PM    EGP climbs vs USD in Wed.'s trading close    Egypt, Saudi Arabia reject Israeli plan to occupy Gaza    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UGB registered US$ 1.5 million in net profit for 2011
Published in Amwal Al Ghad on 28 - 02 - 2012

United Gulf Bank (UGB) achieved a net profit of US$1.5 million for 2011 (for the12 months ended 31 December, 2011), a fall of 96% over the US$ 38.7 million in 2010, with a similar decrease in basic earnings per share to 0.18 cents from 4.71 cents in 2010.
UGB explained that the decrease in net profit in 2011 was due to reduced investment fees, commission income and investment impairment provisions. However, this fall was offset by an almost nine fold increase in UGB's share of profits from its commercial banking associates. UGB also reduced its expenses during the year. UGB's total assets at the end of 2011 were US$1.78 billion, down from US$ 1.92 billion in 2010, reflecting management efforts to deleverage the bank during 2011, Zawya reported.
UGB retains a strong balance sheet with total equity of US$ 603.2 million (2010: US$ 600.8 million) and a capital adequacy ratio of 18%, well above the Central Bank of Bahrain's minimum level of 12.5%. In order to maintain healthy capital, liquidity and retain resources for future growth, UGB's Board of Directors has decided to recommend no shareholder dividend for 2011.
According to Zawya, Mr Masaud Hayat, UGB's Chairman, said: ''Overall, 2011 was a difficult year for UGB with economic uncertainty across the region. As a result, regional stock markets and asset values recorded negative returns. This situation had an impact on our results, but this was partly offset by a major increase in our share of profits from our commercial banking associates. This bodes well for the next 12 months and shows the resilience of our investment portfolio. In 2011, our focus was to manage the liquidity and strengthen our capital position - both of which we achieved. Even though our profitability was significantly lower in 2011 compared to 2010, we believe UGB is well positioned to capture any upturn in the market in 2012."
Amwal Al Ghad


Clic here to read the story from its source.