Financial and Banking News

REGIONAL BANKING

UGB Returns to Profitability in First Half 

In the wake of its decision to pull out of commercial banking and concentrate on investment banking activities (MEES 1 July), the Bahrain-based United Gulf Bank (UGB) has released a set of mildly encouraging mid-year results which show a return to marginal profitability with a net income of $2.1mn before provisions. Last year the bank declared a profit of $8.1mn for the whole year (MEES, 1 April),...