United Gulf Bank (UGB) held its Annual General Meeting (AGM) at its offices in UGB Tower, in Bahrain’s Diplomatic Area, on Sunday March 30, 2003, with over 90 percent of shareholders represented.
Shareholders approved the Bank’s 2002 accounts that reflected strong gross income of $58.2 million with operating income up 32 percent to $38.7 million. Net Income before provisions surged 79 percent to $22.6 million while net profit more than doubled to $9.6 million from four million dollars in the prior year.
Shareholders also approved $100,000 of donations to support social and community development particularly in the fields of education, research and healthcare besides contributing to various charities, according to a bank press release.
UGB is the investment banking arm and subsidiary of Kuwait Projects Company (Holding) KSC, Kuwait (KPCH). UGB has total assets of about $939 million supported by shareholders’ funds of over $211 million.
UGB’s main subsidiaries are Tunis International Bank, Tunisia; KIPCO Asset Management Company, Kuwait; UGB Securities Co; Bahrain and Algeria Gulf Bank SA (under formation); Algeria. UGB also has equity interests of 44 percent in Jordan Kuwait Bank, Jordan; 34 percent in United Real Estate Company, Kuwait and 49 percent in United Industries Company, Kuwait.
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)
