UGB reports $11.2m profit

United Gulf Bank BSC (UGB) yesterday announced financial results for 2015 reporting a decrease in profit attributable to shareholders of the parent to US$11.2 million from US$18.8m recorded in 2014. Basic earnings per share decreased to 1.38 cents from 2.31 cents in 2014. UGB’s Board of Directors will not be recommending any dividends for 2015.

Net profit attributable to shareholders of the parent in Q4 2015 was US$5.2m, compared to US$3.1m in the prior year quarter. Total income before interest and other expenses was US$144.8m, against US$169.1m recorded in 2014.

UGB’s total assets stood at US$2.72 billion as at 31 December 2015, compared to US$2.78bn in 2014.

The balance sheet remains strong with total equity of US$503.3m (2014: US$580.4m) and a capital adequacy ratio in excess of 15 per cent, above the Central Bank of Bahrain’s minimum level of
12.5pc.

Masaud Hayat, Chairman of UGB said: “Despite challenging market conditions UGB continues to deliver positive results which is a testament to a strong investment portfolio and well diversified revenue sources. For 2016, which we expect to be another challenging year, UGB will continue to focus on capital efficiency, liquidity and cost rationalisation.