Kuwait-based Burgan Bank Group announced today reported KD50.5 million ($168 million) net income for the first half of this year, a growth of 30 per cent compared to the same period last year.
During the second quarter, the bank registered KD30.1 million ($100 million) net profit, an increase of 43 per cent in comparison to the same period last year.
The results for the period ending June 30, 2018 demonstrated solid operating capabilities and efficiencies, said a bank statement.
Earnings per share grew 34 per cent year-on-year to 20 fils for H1, achieving a return on tangible equity (ROTE) of 14.7% for the same period.
During the first half of 2018, operating income grew by 13% to reach KD139.2million. Asset quality measured by the non-performing loans (NPL) to gross loans ratio, was significantly enhanced when compared to the same period in 2017, with NPL to gross loans ratio declining from 4.3% to 2.8% while NPL coverage ratio reached 168.5%, it said.
Majed Essa Al Ajeel, chairman of Burgan Bank Group, said: “We are very pleased with the overall performance of Burgan Bank Group. Our strategy continues to deliver, our business model is solid, and our execution and deliverables are well ahead of expectations.”
The consolidated financials encompass the results of the group’s operations in Kuwait, and its share from its regional subsidiaries, namely Burgan Bank – Turkey, Gulf Bank Algeria, Bank of Baghdad, Tunis International Bank. Burgan Bank Group has one of the largest regional branch networks with 169 branches across Kuwait, Turkey, Algeria, Iraq, Tunis, Lebanon and a representative office in Dubai-UAE. – TradeArabia News Service
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