Bahrain-based United Gulf Bank (UGB) earned net income of $30.7 million in the first quarter of this year, an increase of 14 per cent over the same period last year. Net income of $115.5m included exceptional net gains of $88.4m on the sale of UGB's telecom assets as well as the sale of the investment in United Fisheries of Kuwait.
Total revenues reached $79.5m from $69.9m normalised revenues in the same period last year with strong contributions from investment and trading income, growing fees and commissions from assets under management, as well as healthy organic growth in commercial banking particularly in Algeria, Iraq, Jordan and Tunisia.
Operating income in the first quarter was $38m, up 14pc on normalised operating income of $33.3m in the same period last year.
Read more on Gulf Daily News....
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment