Financial and Banking News
UGB Shrinks Rapidly, but Returns to Profit
The Bahrain-based United Gulf Bank (UGB) has shrunk its balance sheet by a further 39% to only $307mn in 1986 (on capital of $200mn), but in the process has succeeded in returning to profitability after two years of losses. The 1986 profit was $6.0mn, which allowed UGB to pay a 5% cash dividend (worth $10mn) for the first time since 1983. UGB took a further $8.4mn in provisions in 1986, bringing its...