United Gulf Bank H1 profit up 114%

15 August 2010

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.

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