United Gulf Bank (UGB), the asset management and investment banking platform of the Kipco Group, has said that its net profit for the six months of this year rose 114% to $31.8m compared to the corresponding period of 2009. Net income for the second quarter stood at $24.3m. However, excluding the gain on transfer of Tunis International Bank, a loss of approximately $20m was sustained, the lender said. This loss was mainly due to the firm's trading portfolio following the downturn in global and regional markets during the second quarter of 2010.