The London-based UBAF Bank reported net profits of £5.6 million ($8.8 million) in the first half of 1994, 54 per cent lower than profits during the same period last year. Earnings from trade and finance were less than the previous year because of low oil prices affecting the bank's key markets, a bank official says.

However, problem loans and other contingencies showed no sign of deterioration in the first half of the year, so no provisions were made for the period. Assets fell slightly to £841 million ($1,314 million), but loans and advances increased by 11 per cent to £301 million ($470 million).

UBAF Bank is to hold an inauguration ceremony in Beirut of its first overseas office on 27 October. The local representative is the former vice-governor of Banque du Liban (central bank), Megureditch Bouldoukian (MEED 22:7:94).