Flip through the latest issue of Gulf Weekly.
United Gulf Bank (UGB) earned a net profit of $207.2 million, or $25.31 cents per share, for the year ended December 31, 2008, a decrease of 6.2 per cent on the $220.9 million profit for 2007.
UGB said its 2008 results were achieved while applying conservative accounting principles on asset valuation and despite a $141.7 million loss in the fourth quarter.
During the year, UGB sold its affiliate, Jordan Kuwait Bank, to Burgan Bank for a total of $450 million and this sale was the highlight of its performance in 2008.
UGB's total revenues for 2008 decreased by 4.7 per cent over the year to $341.4 million from $358.1 million in 2007.
Operating income before provisions decreased by 4.9 per cent to $217.5 million from $228.7 million in 2007.
UGB also posted a 7.6 per cent rise in total consolidated assets for 2008, up to $2.9 billion from $2.7 billion in 2007.
