NO. 37


Financial and Banking News

Bank Results

UGB Declares Loss As Investments Go Sour

Bahrain-based United Gulf Bank (UGB) has declared a loss of $34.6mn for 1990,mainly due to loan provisions and write-downs in the value of investments.Profitability was also damaged by trading losses and poor performance by somemanaged portfolios, which resulted in non-interest income falling to $0.3mn from$11.3mn in 1989. The bank, which is owned by Kuwait Investment Projects Company...