UGB’s Profit Soars to $32.8 Million

MANAMA — United Gulf Bank B.S.C. -Bahrain (UGB), the investment banking subsidiary of KIPCO (Kuwait Projects Company), has announced profit of $32.8 million for the nine-month period ended Sept. 30, 2004, or 4.3 cents per share. This represents a 28 percent 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, and strong first six months in 2004.