United Gulf Bank B.S.C. (UGB) has announced one of the strongest first quarter results for the quarter period ended 31 March with a net income of $30.7 million or 3.8 US cents per share, an increase of 14 percent over normalized income for the same period last year in a first quarter that saw high volatility and further disruption in the global capital markets. Total revenues reached $79.5 million from $69.9 million normalized revenues in the same period last year with strong contributions from investment/trading income, growing fees and commissions from assets under management, as well as healthy organic growth in commercial banking particularly in Algeria, Iraq, Jordan and Tunisia. Operating income in the first quarter of 2008 of $38 million was 14 percent higher than normalized operating income of $33.3 million in the same period last year. Total consolidated assets reached $2.85 billion compared to $.7 billion at year end in 2007and are supported by $743 million of equity. Chief Executive Officer William Khouri said: “This is an excellent first quarter for UGB and places us well on the path to achieve our 2008 forecast of $141 million as declared at the KIPCO Group 2008 Shahfafiya Forum on March 25, 2008.”
