NO. 22


Financial and Banking News

Bank Results

UBK Rebounds into Profit

London-based United Bank of Kuwait (UBK) has rebounded with profits of10.7mn ($19mn) for 1991, after a 9.9mn loss in 1990, due to the effects ofthe Iraqi invasion. Operating profits almost doubled to 16.1mn in 1991, andthe results were further boosted by a 4.5mn write back from provisions. In1990 the bank made a special charge of 13.5mn (18.mn less tax relief of4.5mn - MEES, 11 February 1991) against...