Feb 22 2011 |
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United Gulf Bank net profit increases 93% to US$ 38.7 million compared to US$ 20.1 million in 2009
Bahrain, 22 February 2011 - United Gulf Bank B.S.C. (c) (" UGB "), the asset management and investment banking platform of the KIPCO Group, today announced its financial results for the full year ended 31 December 2010.
Key Financial Highlights
- Net profit for Full Year 2010 up 93% to US$ 38.7 (2009: US$ 20.1 million)
- Basic earnings per share for Full Year 2010 up 91% to 4.71c (2009: 2.46c)
- Total income before interest and other expenses for Full Year 2010 up 31% to US$ 163.3 million (2009: US$ 124.6 million)
- Net loss in Q4 2010 of US$ 2.8 million due to impairment provisions taken in Q4 2010 against investments and strengthen our balance sheet (2009: Q4 net profit of US$ 1.9 million)
- Total assets for 2010 of US$ 1.9 billion with asset figure reflecting the sale of Tunis International Bank as part of UGB 's group consolidation strategy (2009: US$ 2.4 billion)
- Capital adequacy ratio of 19% exceeding the minimum regulatory requirement of 12.5%
Commenting on the full year results, Mr Masaud Hayat, Chairman of UGB , said:
''Overall, our business has delivered a strong performance for 2010 and remains focused on our key areas of expertise within the asset management and investment banking markets within the MENA region, which we believe will deliver long term growth for both our investors and shareholders."
Financial Performance
UGB delivered a strong financial performance for the year under review despite ongoing volatility both within the global and regional markets. Income before interest and other expenses for 2010 increased by 31% to US$ 163.3 million from US$ 124.6 million in 2009.
Net profit for the 12 months to 31 December 2010 was up 93% to US$ 38.7 million compared to US$ 20.1 in 2009, with a 91% increase in basic earnings per share of 4.71c from 2.46c in 2009, which is a significant year on year improvement.
Total assets stood at US$1.9 billion as at 31 December 2010, which is down from the US$ 2.4 billion recorded at the end of 2009. The decrease in assets follows the disposal of UGB 's stake in Tunis International Bank undertaken during the second quarter of 2010.
UGB retains a strong balance sheet with a capital adequacy ratio of 19%, well above the Central Bank of Bahrain's minimum level of 12.5%.
In order to strengthen the balance sheet and retain resources for future growth, the Board of Directors have decided not to recommend a dividend for the year ended 31 December 2010 (2009:5 percent 1.25 US cents per share).
UGB , post an initial phase of consolidation, has made steady progress in positioning the group as a leading asset management and investment banking operation in the region which is well positioned to deliver steady long term growth.
-Ends-
About
UGB
:
UGB
, the investment banking subsidiary of KIPCO Group, manages a regional network of investment banking and asset management companies. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. As of 31 December 2010 assets under management exceeded US$ 8.0 billion (31 December 2009: US$ 7.2 billion).
UGB 's core subsidiaries, associates and joint venture include: Al Dhiyafa Holding Company, Al Sharq Financial Brokerage Company, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Millennium Private Equity Limited, North Africa Holding Company, Royal Capital Company, Syria Gulf Bank, United Networks (formerly United Cable Company), United Gulf Financial Services - North Africa, United Industries Company and United Real Estate Company.
UGB and its subsidiary KAMCO have a proven track record of successfully completing around 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 8 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.
About KIPCO Group:
KIPCO Group is one of the largest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 18.6 billion. The Group has substantial ownership interests in a portfolio of over 60 companies operating across 26 countries. The company's main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in the real estate, manufacturing, airline, education and management advisory sectors.
For further information:
United Gulf Bank
Anne Khoshabi
T: +97317533233
E: akhoshabi@ugbbah.com
FD
John Hobday
T: +971504648706
E: john.hobday@fd.com
Hugh Barker
T: +971502487620
E: hugh.barker@fd.com
© Press Release 2011
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