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Burgan Bank Group 9-month profits up 32pc to $235m

October 30, 2018

Burgan Bank Group reported a net income of KD71 million ($235 million) for the first nine months of this year, with a year on year growth of 32 per cent.

The bank registered KD20.5 million ($68 million) profit for the third quarter, a growth of 36% in comparison to the same period last year.

The results demonstrated solid operating capabilities and efficiencies, the bank said.

Earnings per share grew for the first nine months by 38.5% year-on-year reaching 26.6 fils, and achieving return on tangible equity (ROTE) of 13.4% for the same period.

During the first nine months of 2018 and compared with the same period of 2017, operating income grew by 15% to reach KD206.6 million. As at end of September 2018, total assets reached KD6.8 billion, loans and advances to customers KD 4.2 billion, and deposits from customers at KD 3.8 billion.

Majed Essa Al Ajeel, chairman of Burgan Bank Group, said: “We continue delivering solid results in 2018 and we are pleased with the group’s performance. We have confidence in our business model and adaptability and we are supported by our prudent approach to risk and returns. Our commitment to executing our strategy allowed us to deliver well ahead of expectations and amid shifting circumstances.

“The balance between domestic and international operations and focus on enhancing operating income streams has proven successful. We have a strong pipeline. We trust our operating capabilities and we remain focused on prudence and selective growth,” added Al-Ajeel.

Burgan Bank successfully completed its rights Issue on October 10, whereby the bank raised KD62.55 million of equity by issuing 240.58 million shares.

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