The Kuwait Real Estate Bank (KREB) recorded net profits of 2.6 million Kuwaiti dinars ($8.5 million) in the first quarter of 2002. Dividends of shareholders will increase to KD 103.4 million and profits per share have been set at 6.1 fils for the same period, reported KUNA.
According to KREB’s Managing Director, Muayed Hamad Musaed Al-Saleh, the bank’s operating income for the first quarter of this year was estimated at KD 3.2 million and its operating profits at KD 2.7 million.
KREB was established in 1973. As the only specialized real estate bank in the country, KREB provides developers, contractors, as well as individual property owners with banking facilities, products and services to conduct their business and complete their projects.
The Bank's scope of operations compromises loans and credit facilities to developers and contractors, a variety of investment activities secured by real estate, and the financing of local and overseas construction companies operating in Kuwait and the Gulf. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
