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UGB posts $32.8m profit in first three quarters
BAHRAIN - United Gulf Bank (UGB), the investment-banking subsidiary of KIPCO (Kuwait Projects Company), has announced profit of $32.8 million for the nine-month period ended 30 September 2004.
This represents a 28 per cent increase over the $25.7 million net profit earned during the same period last year, and follows UGB's best-ever full year net profit of $ 36.2 million in 2003.
UGB chief executive officer William Khouri said: “The third quarter of this year saw continued growth, as witnessed in the first half of 2004, in the earnings stream from our core businesses in asset management, investment and commercial banking and in real estate. These strategic investments in our associates and subsidiaries constitute a recurring source of significant revenue for the bank.”
UGB's total consolidated revenue of $72 million in the first nine months of 2004 increased by 8.9 per cent over the $66.1 million recorded in the same period last year. Total consolidated assets at the close of third quarter this year were $1.25 billion, supported by total consolidated shareholders' equity in excess of $265 million.
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