UGB's Q1 profits fall to $2.1 million

14/05/2015 17:25 AST

United Gulf Bank (UGB) has announced a net profit of $2.1 million for the first quarter of 2015, compared to $10.2 million for the first quarter of 2014.

UGB's total income also decreased to $35.2 million, compared to $40.5 million at 31 March 2014.

In 1Q14, $9 million step-up acquisition gain was recorded at a subsidiary, no such gain during 1Q15. UGB's total assets marginally decreased to $2.6 billion as at 1Q15, compared to $2.8 billion at 31 December 2014.

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

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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