Bahrain, 24 February 2010 - UGB announces net profit of US$ 20.1 million for 2009
 

 

Bahrain, 24 February 2010:  United Gulf Bank B.S.C. – Bahrain (UGB), has announced a net profit of US$ 20.1 million or 2.46 US cents per share for 2009 compared to US$ 207.3 million or 25.3 US cents per share in 2008. Income before interest and other expenses for 2009 was US$ 124.5 million, compared to US$ 341.4 million in 2008.

After necessary regulatory approval, UGB’s Board of Directors will recommend a dividend for shareholder approval by the Bank’s General Assembly. An announcement on the 2009 dividend will be made to the Bahrain and Kuwait Stock Exchanges as soon as a decision is made.

UGB posted a net profit of US$ 1.9 million in the fourth quarter of 2009 compared to a loss of US$ 141.6 million in the same period last year. UGB’s total assets on 31 December 2009 were US$ 2.4 billion compared to US$ 2.9 billion at year end 2008. UGB’s capital adequacy ratio at the end of December 2009 was 14.5 percent compared to the minimum regulatory requirement of 12.5 percent.

In February 2010, Moody’s assigned an investment grade rating of Baa3 to UGB’s US$ 1 billion EMTN program.

Commenting on the 2009 results, Mr Faisal Al Ayyar, UGB’s Chairman said:

“UGB has a strong and diversified asset base which has delivered profitability. The Bank has a strategy to maintain a strong level of liquidity and equity base and as a result, we have emerged stronger from the difficulties currently facing the global investment banking industry.” 

UGB is the investment banking subsidiary of KIPCO (the Kuwait Projects Company) and manages a regional network of investment banking and asset management companies. 

– Ends –

Notes to Editors:

UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment banking and asset management companies. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. As of December 2009, assets under management exceeded US$ 7.2 billion (2008: US$ 9 billion). UGB’s core subsidiaries and associates include: Al Dhiyafa Investment Company, Al Sharq Financial Brokerage Company, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Millennium Private Equity, North Africa Holding Company, Royal Capital Company, Syria Gulf Bank, Tunis International Bank, United Networks (formerly United Cable Company), United Gulf Bank Securities Company, United Gulf Financial Services – North Africa, United Healthcare Company, United Industries Company and United Real Estate Company.

UGB and its subsidiary KAMCO have a proven track record of successfully completing around 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 8 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.

UGB is part of the KIPCO Group - is part of the KIPCO Group - one of the biggest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 18.6 billion. The Group has substantial ownership interests in a portfolio of over 60 companies operating across 26 countries. The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in the real estate, manufacturing, airline, education and management advisory sectors.

 

For further information:

United Gulf Bank / Telephone: +973 17533233 / Email: info@ugbbah.com