United Bank of Kuwait’s Profits Rise Despite Costs Related to Iraq Invasion
The United Bank of Kuwait today said its profits rose in 1990 despite costs associated with Iraq’s invasion of Kuwait in August.
The UBK, a London-based bank owned by 12 Kuwaiti financial institutions, said its pretax profit rose to $11 million after making an extraordinary charge of $27 million for the invasion.
Profits in 1989 were $8.2 million.
“One of the main roles of the bank has been to be involved in the capital outflow from the (Persian) Gulf region,” the bank said in its annual report. It said its shareholder banks are making applications to resume trading in a number of countries.
UBK Chairman Fahad Maziad Al-Rajaan said he is confident the bank can take a leading role in the reconstruction of Kuwait after its liberation.
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