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).