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Burgan Bank Group reports net income of KD37.4 million

Majed Essa Al Ajeel, Chairman of Burgan Bank Group

Majed Essa Al Ajeel, Chairman of Burgan Bank Group

KUWAIT: Burgan Bank Group yesterday announced its first half results for the financial year 2015. Burgan Bank Group reported net income of KD37.4 million for the first half of the year reflecting a 12.3 % growth from the same period in 2014. Compared to the same period last year, Burgan Bank Group continues to register consistent growth with operating income up to reach KD 144.1 million from in KD130.5 million in 2014 while Operating Profits before provisions reached KD 80.2 million from KD 72.8 million in 2014reflecting a growth of 10.2%.

On annualized basis, Loans and advances grew by 5.7% to KD4.5 billion while customer deposits grew by 7.4% to KD4.9 billion. Asset quality remains stable and on comfortable levels, the Non-Performing Assets (net of collaterals) to gross facilities ratio stands at 1.7% and coverage (net of collateral) stands at 259%. Majed Essa Al Ajeel, Chairman of Burgan Bank Group said: “Once again, we have managed to grow smartly amid pressures of global markets and the geopolitical scene and amid unchanging conditions. Our focus on operational performance and prudent approach at optimizing the group’s operations have proven the success of our model.”

“Our performance do not only highlight our consistent growth over the last 5 years in harsh conditions for the Banking industry locally, regional and globally, but also highlights the solidity of our growth structure. We have managed to build an adaptable risk-savvy model, resilient to slowdowns, shakeups, and threats,” added Al Ajeel. “Our diversification strategy continues to pay off through a balanced approach to diversifying our revenue streams and to steadily grow our international operations which now contribute to 55.5% of the group’s revenue making Burgan Bank the most diversified in Kuwait. We have confidence in our strategy and we are definitely heading in the right path,” Al Ajeel said. “On behalf of the board, I take this opportunity to thank our customers and shareholders for their continued confidence, loyalty, and support. I would also like to thank our executive management team for their leadership and the excellent execution of the corporate strategy, and to our staff for their continued support and commitment,” concluded Al Ajeel.

The consolidated financials encompass the results of the Group’s operations in Kuwait, and its share from its regional subsidiaries, namely Jordan Kuwait Bank, Burgan Bank - Turkey, Gulf Bank Algeria, Bank of Baghdad, Tunis International Bank, in which Burgan Bank owns a majority stake in. Burgan Bank Group has one of the largest regional branch networks with more than 235 branches across Kuwait, Turkey, Jordan, Algeria, Iraq, Tunis, Lebanon and Palestine.

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This article was published on 21/07/2015