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Income before interest and other expenses for the first quarter of 2010 was $27.5m compared to $30m in March 2009. UGB's total assets as at 31 March 2010 were $2.3bn compared to $2.4bn as at year end 2009. UGB's capital adequacy ratio at the end of the first quarter 2010 stood at 14% against the regulatory requirement of 12%.
Commenting on the first quarter results, David J Rhodes, UGB's Chief Executive Officer, said:
"Our first quarter performance demonstrates the strength of our diversified asset base, which has delivered continuous profitability for the last 18 years. In addition to focusing on our asset management and investment banking growth strategy, we continue to maintain strong level of liquidity and equity."
UGB, the investment banking subsidiary of Kuwait Projects Company (Holding) (KIPCO), manages a regional network of investment banking and asset management companies.
Posted by Rana Mesbah
