UGB Profits Soar to $25.7 Million

MANAMA, 20 October 2003 — United Gulf Bank, the investment banking arm and subsidiary of Kuwait Projects Company (Holding) KSC, Kuwait (KIPCO), announced net income of $25.7 million for the nine months period ended Sept. 30, 2003, up 173 percent from the $9.4 million earned in the same period last year. During the quarter UGB raised a $60 million 3-5 year bond issue from the Kuwait market. Total Revenues for the nine months at $66.1 million recorded an increase of 67 percent over $39.6 million earned in the same period last year.