Kuwait Corporate Fact Sheet

United Gulf Bank Fact Sheet
Non-Kuwaiti Sector
Reuters Code: UGBK.KW Current Price (KD) : 0.540
Key Facts
KAMCO Research
June 22, 2008
KD ' 000 2003 2004 2005 2006 2007
Demand & Time Deposits with Banks 90,112 99,465 111,603 146,411 147,725
Loans & Advances 41,729 48,047 52,236 89,136 79,913
Held for Trading Investments 35,818 50,966 55,875 99,464 97,601
Available For Sale Investments 79,511 99,840 131,161 152,218 154,743
Investment In Associates 76,527 92,403 115,448 167,675 216,402
Other Long-term Investments 5,704 4,148 4,240 5,103 7,342
Property & equipment 1,428 1,700 1,607 2,016 3,161
Other Assets 19,120 12,473 20,413 17,668 23,511
Total Assets 349,949 409,042 492,582 679,691 730,398
Deposits from Banks & Financial Institutions 98,816 135,971 146,629 209,199 160,634
Customer Deposits 63,375 78,610 68,550 113,242 119,955
Bonds 17,682 36,314 36,077 35,903 19,806
Loans 66,236 49,775 89,885 105,941 158,133
Other Liabilities 10,802 10,977 13,576 43,989 51,533
Total Liabilities 256,911 311,647 354,717 508,274 510,061
Minority Interest 16,336 14,961 27,974 29,981 39,149
Equity 76,702 82,434 109,891 141,436 181,189
Investment Income 13,597 10,020 22,838 27,898 54,786
Interest Income 3,090 4,003 6,581 9,977 12,628
Share of Profits in Associated Companies 8,206 9,585 14,474 15,483 29,278
Fees & Commissions and FX Revaluation Gains 8,247 7,584 14,148 16,565 24,121
Total Income 33,140 31,191 58,041 69,923 120,813
Interest Expense 5,000 6,516 11,191 19,102 22,327
Operating Expenses 8,287 8,602 12,650 15,432 20,614
Other Non-operating Expenses 9,174 3,309 10,546 6,050 17,402
Net Profit
Key Ratios
10,679 12,764 23,653 29,338 60,470
2003 2004 2005 2006 2007
Return On Average Assets 3.4% 3.4% 5.2% 5.0% 8.6%
Return On Average Equity 15.3% 16.0% 24.6% 23.3% 37.5%
Cost / Income Ratio 27.7% 34.9% 27.0% 30.4% 20.9%
Net Profit Growth 251.0% 19.5% 85.3% 24.0% 106.1%
Investments / Total Assets 56.5% 60.5% 62.3% 62.4% 65.2%
Net Loans / Customer Deposits 65.8% 61.1% 76.2% 78.7% 66.6%
Historical Share Data YTD
2004 2005 2006 2007 22-Jun-08
Market Capitalization (KD thousand) 134,400 248,141 236,621 374,895 440,094
Closing Share Price (KD) 0.168 0.310 0.295 0.460 0.540
Highest Price for the Period (KD) 0.206 0.355 0.365 0.470 0.670
Lowest Price for the Period (KD) 0.144 0.156 0.190 0.275 0.445
Volume (Shares thousand) 470,460 562,080 541,230 491,180 266,240
Value (KD thousand) 81,530 121,864 146,896 181,793 149,558
No. of Trades 8,609 12,266 14,122 14,122 7,546
EPS (KD) 0.017 0.030 0.037 0.075 0.075
Book Value Per Share (KD) 0.108 0.137 0.177 0.223 0.223
Dividend Per Share (KD) 0.011 0.020 0.025 0.045 NA
Price to Earnings Multiple (X) #
32.32 17.73 14.58 7.23 7.23
Price to Book Value Multiple (X) #
5.01 3.93 3.06 2.43 2.43
Dividend Yield (%) #
2.06 3.72 4.63 8.24 8.24
KD
0.680
0.630
0.580
0.530
0.480
0.430
0.380
52-Week Price Chart Rel. to KAMCO TRW Index
UGB KAMCO TRW Index
24.6.07
8.7.07
22.7.07
5.8.07
19.8.07
2.9.07
16.9.07
30.9.07
14.10.07
28.10.07
11.11.07
25.11.07
9.12.07
23.12.07
6.1.08
20.1.08
3.2.08
17.2.08
2.3.08
16.3.08
30.3.08
13.4.08
27.4.08
11.5.08
25.5.08
8.6.08
22.6.08
Index
4,800
4,700
4,600
4,500
4,400
4,300
4,200
4,100
4,000
NA: Not Applicable, NM: Not Meaningful
YTD: Beginning of year to date
#
:Historical P/E, P/B & Yield are based on
current price & historical earning per share,
book value per share & dividend per share
Investment Research Department
KIPCO Asset Management Co.K.S.C.C
KAMCO
P.O.Box: 28873 Safat 13149 Kuwait
Email : kamco_research@kamconline.com