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Article: Profits up at United Gulf.(United Gulf Bank)(Brief Article)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- August 18, 2000
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Despite a rise in provisioning and a sharp increase in the writing down of investments, Bahrain-based United Gulf Bank (UGB) has reported earnings growth in the first half of the year. Interim net profits of $11 million have been posted, up 21 per cent on the same period of last year.
The main driver of the improved performance was a quadrupling of investment income to $22.4 million, from $5.6 million in the first half of 1999. The bank's other revenue streams fared less well. Net interest income moved into the red, and it remains part of the bank's strategy to move away from a lending-orientated business.
UGB's share in the profits of associated ...