Financial and Banking News
UBK Reports Increased Income; Forms New Asset Management Subsidiary
London-based United Bank of Kuwait (UBK) has reported profits of 7.5mn for1992. In 1991 the bank declared net profits of 10.7mn after taking intoaccount a 4.5mn write-back of extraordinary provisions. Operating profits in1992 were up 35% at 21.7mn in 1992.
UBK remains a liquid bank with 52% of its balance sheet classed as"current assets." The General Manager, Mr....