Middle East Economic Survey

VOL. XLVIII

No 7

14-February-2005

BAHRAIN

UGB Profits Reach $43.3Mn In 2004

Bahrain-based United Gulf Bank (UGB), the investment banking subsidiary of the Kuwait Projects Company (KIPCO) Group, announced on 6 February it had achieved its best ever result with net profits reaching $43.3mn in 2004, a 19.6% increase over the $36.2mn recorded in 2003. UGBs return on average equity was 16% at year-end, supported by continuing growth in its core business as well as a low cost...