NO. 18


Financial and Banking News

Bank Results

Profits Halve At Gulf Investment Corporation

Gulf Investment Corporation (GIC), the Kuwait-based bank which is owned bythe six GCC governments, has reported profits of $62.2mn for 1994, almost halfits previous year's figure. As with most other banks reporting lower profits for1994, GIC suffered from adverse conditions in the securities market. GIC'sbalance sheet is highly liquid and in recent years it has invested heavily...