UGB Posts Record Profit of $168m

MANAMA, 23 July 2007 — United Gulf Bank (UGB) recorded a net profit of $168 million for the first half of 2007, another historic amount for the fifth consecutive year. The bank’s achievement in the level of proceeds was almost four times the $45.4 million net profit posted for the corresponding period last year and almost twice the $101.5 million registered for the year 2006. The profit was reflected in UGB’s earnings per share, which has been recorded to reach 20.9 cents per share from 5.8 cents per share during the same period in 2006.