United Gulf Bank Bahrain earned a net profit of $16.7million during the financial year ending December 2000, Bahrain Tribune reported Thursday.
The bank’s consolidated income in 2000 improved to $53.6 million from $51.6 million in 1999 of which $17.5 million was investment income despite a loss of $13.7 million on the sale of investments in two of its associates and investment write down of $8.9million, said the daily.
A spokesman of the bank was quoted by the paper as saying that despite turbulent and volatile market conditions during 2000, UGB came out with a solid performance.
“The bank earned a net profit of $16.7 million during the year, which although down 8.4 percent from $18.1 million in 1999, should be seen in the background of difficult investment environment,” he said.
Total consolidated income in the year 2000 improved to $53.6 million from $51.6 million in 1999 of which $17.5 million was investment income despite a loss of $13.7 million on sale of investments in two of its associates and investment write down of $8.9 million. $22.9 million was the interest income and $8.5 million came as income from the associated companies; $4.7 million from foreign exchange and fees. The operating income was higher at $28.6 million against $27.4 million in 1999 – Albawaba.com
