Kuwait: Burgan Bank Posts KD 17.8 Mln (USD 58.4 Mln) in Q1 ProfitsSource: www.export-egypt.com 5/2/2017, Location: Middle East |
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Kuwait's Burgan Bank Group announced net profits of KD 17.8 million (USD 58.4 million) in the first quarter of 2017, compared to KD 14.3 million in the same period of last year.
Chairman of Burgan Bank Group Majed Al Ajeel said underlying net income (excluding precautionary reserves after AT1 cost) grew by 8 percent reaching KD 18.1 million (USD 59.3 million). Compared to the same period last year, loans and advances grew by 3 percent to reach KD 4.3 billion (USD 14.1 billion), while deposits grew by 1 percent to reach KD 3.9 billion (USD 12.9 billion), he said. The bank's capital adequacy ratio under Basel III stands at 16.5 percent as of March 31, 2017, he added. Established in 1977, Burgan Bank is the youngest commercial Bank and second largest by assets in Kuwait, with a significant focus on the corporate and financial institutions sectors, as well as having a growing retail, and private bank customer base. Burgan Bank has majority owned subsidiaries in the MENAT region supported by one of the largest regional branch networks. |
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