06 May 2003 - UGB First Quarter up 29% to $ 6.03 Million

UGB announced net profit of US$ 6.03 million for the first quarter of 2003 compared to US$ 4.7 million for the first quarter of 2002 and US$ 9.6 million for the full year of 2002. Total revenues increased 14% to US$ 17.0 million from $ 14.9 million of the first quarter in 2002. Net operating income before provisions surged 20.6% to US$ 7.6 million during the same period over US$ 6.3 million in first quarter in 2002.

Total consolidated assets of US$ 908.5 million was supported by shareholders’ equity of US$ 215.7 million as of US$ 31st March, 2003.

Commenting on the results, CEO Mr. William Khouri, stated "Our strong portfolio of core investments continues to drive our income growth. Our commercial banking subsidiary and affiliate as well as our wealth management subsidiary contributed substantially to these positive results during the quarter". " Our diversification strategy has once again proven itself in very turbulent global markets and we continue to view the following three quarters of 2003 with optimism", he continued.

UGB is the investment banking arm and subsidiary of Kuwait Projects Company (Holding) KSC, Kuwait (KPCH). UGB has total assets of about US$ 900 million supported by shareholders’ funds of over US$ 215 million. UGB’s main subsidiaries are Tunis International Bank, Tunisia; KIPCO Asset Management Company, Kuwait; UGB Securities Co., Bahrain and Algeria Gulf Bank (under formation); Algeria. UGB also has equity interests of 44% in Jordan Kuwait Bank, Jordan; 34% in United Real Estate Company, Kuwait and 49% 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.

For further information please contact United Gulf Bank on telephone +973 17533233 or email info@ugbbah.com.