Financial and Banking News


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),...