Mubasher: United Gulf Bank (UGB) achieved $4.013 million (BHD1.53 million) net profit in the fourth quarter of 2015, against $9.1 million (BHD3.46 million) loss in the same period of 2014, according to a bourse filing posted Monday.

The lender’s net profit reached $3.2 million for 2015, up 82.3% from$ 1.755 million in 2014.

Meanwhile, profit attributable to shareholders of the parent company for 2015 declined by 40.4% to $11.2 million, compared to $18.84 million in 2014.

The bank’s board of directors decided on a meeting held yesterday to freeze dividends for 2015.

The ordinary general meeting held in March 2015 approved to retain $14.62 million earnings.