The United Gulf Bank (UGB) announced a net profit of six million dollars for the first quarter of 2003 compared to $4.7 million for the first quarter of 2002 and $9.6 million for the full year of 2002, stated a press release.
Total revenues increased 14 percent to $17 million from $14.9 million of the first quarter in 2002. Net operating income before provisions surged 20.6 percent to $7.6 million during the same period over $6.3 million in first quarter in 2002. Total consolidated assets of $908.5 million were supported by shareholders’ equity of $215.7 million as of March 31, 2003.
UGB is the investment banking arm and subsidiary of Kuwait Projects Holding Company. UGB has total assets of about $900 million supported by shareholders’ funds of over $215 million. UGB’s activities consist of private equity and fund investments, quoted equities, asset management, corporate finance, real estate, treasury and selective commercial banking services. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
