United Gulf Bank B.S.C. (UGB) has announced a net profit attributable to shareholders of parent of US$ 2.1 million for the first quarter of 2015 compared to US$ 10.2 million in the first three months of 2014.

Key Financial Highlights – 1Q15
•Net profit attributable to the shareholders of the parent of US$ 2.1 million (1Q14: US$ 10.2 million)
•Net profit for the first three months of US$ 0.2 million (1Q14: US$ 11.6 million)
•Basic earnings per share of 0.26 cents (1Q14: 1.25 cents)
•Total income before interest and other expenses of US$ 35.2 million (1Q14: US$ 40.5 million)
•Total assets of US$ 2.6 billion (2014: US$ 2.8 billion)

Financial Performance
UGB’s net profit attributable to shareholders of parent was at US$ 2.1 million compared to US$ 10.2 million in the same period last year. UGB total income also decreased to US$ 35.2 million compared to US$ 40.5 million at 31 March 2014.

In 1Q14, US$ 9 million step-up acquisition gain was recorded at a subsidiary, no such gain during 1Q15.

UGB’s total assets marginally decreased to US$ 2.6 billion as at 1Q15, compared to US$ 2.8 billion at 31 December 2014.

Total equity decreased to US$ 537.8 million (2014: US$ 580.4 million) due to negative movement of fair value and foreign exchange reserves.

Commenting on the results, Mr. Rabih Soukarieh, Chief Executive Officer of UGB, said: “Our recurring Income has increased for the quarter compared to same period in 2014. We remain confident of our future profitability that is for the most part driven by a predictable and recurring revenue stream.”

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