Bahrain's United Gulf Bank (UGB) has announced $11.4 million in profit for the first quarter of 2004. This represents an almost doubling of net income with an 89 percent increase over the six million dollars earned during the same period last year, and follows UGB's record full year net profit of $36.2 million in 2003.
UGB's total consolidated revenue in the 2004 first quarter of $22.9 million increased 38 percent over the $16.6 million recorded in the same period last year. Total consolidated assets at March 31, 2004 were $1.25 billion and total consolidated shareholders' equity reached $249.4 million.
UGB is the investment banking subsidiary of the Kuwait Projects Company Group (KIPCO). Its activities consist of private equity and fund investments, quoted equities, asset management, corporate finance, real estate, treasury and selective commercial banking services. The bank’s main subsidiaries are Tunis International Bank, KAMCO, UGB Securities and Algeria Gulf Bank. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
