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...
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