Financial and Banking News
UGB's Profits Fall Due To Interest Problems
Bahrain-based United Gulf Bank (UGB) has declared a 27% reduction inprofits for 1992, largely as a result of losses on interest-based transactions.Nevertheless, the profits generated during the year are sufficient to eliminatethe bank's negative shareholders' equity. UGB is 97% owned by the KuwaitInvestment Profits Company (Kipco) which is incorporated in Kuwait.
Highlights of the...