Mubasher: United Gulf Bank (UGB) reported a decline in profits in the fourth quarter of 2016 by 78.4% year-on-year, as shown by financial statements.

Profits totalled $867,000 (BHD 332,356) in Q4-16, compared to $4.013 million (BHD 1.54 million) in Q4-15, according to the bank’s statement to the Bahrain Bourse (BHB) on Tuesday.

Annual profits also dropped 72.72% to $873,000 in 2016, compared to $3.2 million in the year before.