NO. 28


Financial and Banking News

Regional Banking

United Bank of Kuwait Rebuilds Its Profits

London-based United Bank of Kuwait (UBK) has declared net profits aftertaxation of 3.1mn, more than double the figure for 1988. The bank madeoperating profits of 11.9mn, compared to 3.1mn in 1988, but increased itsloan loss provisioning sharply, allocating 7.8mn for the year as against1.1mn for 1988. The bank says 2.9mn of this was made against sovreign riskin Arab countries....