VOL. XXXIV
NO. 37
17-JUNE-1991
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...
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