Bahrain-based United Gulf Bank (UGB), the asset management and investment-banking arm of the KIPCO Group, reported 114 percent increase in its half yearly net profits. However, the bank said, it sustained a loss of $20 million due to the company's exposure to the international market which hit hard by the global downturn. The bank's total income was up 10 percent to $72.6 million and the operating income grew 50 percent to $28.9 million, according to a press statement published today.
