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Key Financial Highlights
- Net profit attributable to shareholders of parent of $13.9m (30 September 2010: $41.4m)- Total income decreased to $88.8m (30 September 2010: $105.7m)
- Earnings per share $1.69 cents (30 September 2010: $5.05 cents )
- Total assets $1.77bn (30 September 2010: $1.9bn).
Financial Performance
UGB's total income for the three months to 30 September, 2011 was $25.3m in compared to $33.2m in the same period for 2010. Net profit attributable to shareholders of parent for the same period decreased by 93% to $0.7m compared to $9.6 for the third quarter of 2010. UGB said its profitability in the third quarter was impacted by the volatile economic environment, depressed market performance and increased funding costs resulting from a strategic shift in its liquidity profile in 2010 from short-term funding to long-term funding.On a nine months basis, UGB recorded a total income of $88.8m for the first nine months of 2011 compared to $105.7m in the same period in 2010. Net profit for the third quarter of 2011 was $13.9m compared to $41.4m for same period in 2010.
UGB's total assets for the third quarter of 2011 stood at $1.77bn - a decrease from the $1.92bn as at 31 December, 2010.
UGB's assets under management were $7.1bn as at 30 September, 2011, compared to $7.5bn for the three months ended 30 June, 2011.
Commenting on the third quarter results, UGB's Chairman, Mr. Masaud Hayat, said, "Our third quarter results reflect the negative impact of economic uncertainty and the poor returns from global and regional markets during the last 9 months. However, this negative impact was offset by improved performances from our operating companies which demonstrate the strength of UGB's asset quality and conservative asset valuations. We foresee that markets will continue to pose challenges and even though our profitability is significantly lower this quarter, we will continue UGB's strategy of maintaining a strong level of liquidity and a solid equity base."
Posted by Rana Mesbah
