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UGB's results for last year's third quarter, included a gain of $280m before provision and expenses from the sale of Jordan Kuwait Bank.
UGB's total assets as at 30 September, 2009 were $2.3bn compared to $2.9bn as at year end 2008. UGB's capital adequacy ratio at the end of September 2009 was 15% against the minimum regulatory requirement of 12%.
During the third quarter, Moody's Investors Services confirmed UGB's Baa3/Prime-3 deposit rating and D+ bank financial strength rating with a negative outlook. Moody's said:
'The negative outlook on UGB's ratings is driven by the increasingly challenging operating environment for investment banking and asset management.'
Commenting on the third quarter results, Mr Masaud Hayat, Managing Director of UGB said:
"Our diversification strategy has again proved its strength and UGB has posted a profit despite challenges faced by the investment banking industry due to the global economic slowdown. Even though profitability is lower, UGB's strategy has been to maintain a strong level of liquidity and a solid equity base. Moody's recent rating confirmation reflects positively on UGB's ability and capacity to manage its business risks during the difficult conditions the global banking industry is currently facing."
UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment banking and asset management companies.
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Posted by Nadeen El Ajou
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