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KIPCO, the major shareholder, will underwrite up to $130 million for UGB in subordinated Tier-II capital to add to the bank’s financial strength, if required.
Last month, UGB announced a net profit of $207.2 million, or $25.31 cents per share, for the year ended on December 31, 2008, a decline of 6.2 per cent from the $220.9 million profit it earned in 2007.
“Our dividend distribution reflects our balanced growth strategy. It shows the bank’s financial health and the investment opportunities we anticipate will occur once the current financial crisis is over,” Masaud Hayat, UGB’s Managing Director, said.
· business@khaleejtimes.com
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