VOL. XXXVII

NO. 29

18-APRIL-1994

Clarification:in our report on United Bank of Kuwaits 1993 results, which appeared in the11 April issue of MEES, the figures given for return on average equity (ROAE)included subordinated debt as part of shareholders equity. The bank haspointed out that since subordinated debt earns its separate return in the formof a spread over Libor, it should not be included in the ROAE ratio, whichshould measure the return on issued shares. Under this revised method of...