Financial and Banking News

REGIONAL BANKING

KIC Posts First Profit for Four Years

The beleaguered Kuwait Investment Company (KIC) finally returned to profitability after three disastrous years, with net income of KD3mn ($10.3) in 1986. Cumulative losses in 1983-85 totalled KD55.2mn ($190mn). KIC's balance sheet, published last week, shows a major restructuring of the state-owned investment company's real estate holdings, with divestments of some KD45mn ($155mn) worth of real...