Financial and Banking News
UBK Hit By Tax Changes
Changes in the UK tax laws on leasing hit the profits of the United Bank of Kuwait (UBK) with an extra bill of £1.9mn in 1984, marring an otherwise creditable 7% increase in after-tax profit to £8.1mn. Total assets increased by 18% to £1,880mn while deposits were up 87% to £938mn. The bank noted that the rise in assets was due to the growth of its New York branch and the expansion of property...