Burgan Bank Announces Financial Results

News: Kuwait-based Burgan Bank Group posted a net profit of KWD17.6mn (US$62mn) in January-September 2013. Operating income grew by 35% year-on-year (y-o-y) to KWD187.3mn (US$660.93mn), while operating profits before provisions increased 21% y-o-y to KWD105.4mn (US$371.93mn). The bank booked KWD26mn (US$91.75mn) as general reserves, and KWD5.3mn (US$18.7mn) as specific reserves in Q313. Loans and advances grew by 17% y-o-y, while customers' deposits rose by 20% y-o-y in Q313. 'Once again, the prudent execution of the group strategy yielded good underlying performance,' Majed Essa Al Ajeel, chairman of Burgan Bank Group said (Trade Arabia).

Burgan Bank Announces Financial Results

News: Kuwait-based Burgan Bank Group posted a net profit of KWD17.6mn (US$62mn) in January-September 2013. Operating income grew by 35% year-on-year (y-o-y) to KWD187.3mn (US$660.93mn), while operating profits before provisions increased 21% y-o-y to KWD105.4mn (US$371.93mn). The bank booked KWD26mn (US$91.75mn) as general reserves, and KWD5.3mn (US$18.7mn) as specific reserves in Q313. Loans and advances grew by 17% y-o-y, while customers' deposits rose by 20% y-o-y in Q313. 'Once again, the prudent execution of the group strategy yielded good underlying performance,' Majed Essa Al Ajeel, chairman of Burgan Bank Group said (Trade Arabia).

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