Burgan Bank Group Announces 2017 First Half Earnings
Burgan Bank Group announced today its first first half earnings of financial year 2017. The selective and prudent growth technique amidst regional operating setting intricacies, remains to produce good results, and reflects strong operating capacities & efficiencies.
Reported earnings expanded by 24% getting to KD38.9 million (USD127.7 million) from KD31.4 million reported in initial half in 2015. Hidden take-home pay (leaving out precautionary books & after AT1 expense) grew by 14% reaching KD41.4 million (USD135.9 million).
During the first half of 2017, lendings and developments grew by 4% to get to KD4.4 billion (USD 14.6 billion). Customers deposits expanded by 5% to reach KD3.9 billion (USD 13.0 billion). NPA Proportion web of collateral stands at 1% while Insurance coverage ratio net of collateral stands at 390%. Resources competence ratio stands at 16.3% since June 30, 2017.
Mr. Majed Essa Al Ajeel, Chairman of Burgan Bank Group said: "The healthy and balanced patterns almost on all signs remain to be demonstrated with the distribution of this excellent collection of results. International Operations are now contributing 43% of the Group's operating revenue which grew by 8% year on year to reach KD122.7 million (USD403.2 million), confirming again, that Burgan Bank Group is the most varied industrial bank in the market." Included Mr. Al-Ajeel
"The strength of our operating capacities is yielding strong efficiency that was evident throughout the second quarter (Q2). In Q2' 17, Burgan Bank Group recorded an underlying net income (omitting preventive books & after AT1 cost) of KD23.3.
million (USD 76.7 million), and enabled us to accelerate conveniently the reservations of KD5 million (USD16.5 million) in precautionary gets and KD8.5 million (USD28.1 million) investments provisions for some readily available up for sale (AFS) securities, and still achieving an earnings as reported of KD21.1 million (USD69.3 million) in the Q2' 17. Mr. Majed Essa Al-Ajeel additionally claimed: "Our leading financial indications continuously indicate the ideal direction both in Kuwait and global procedures. I stay confident and confident of the group's solid performance going forward. " "On behalf of the board, I take this possibility to thank our customers and investors for their confidence in our capabilities and our regulators; the Reserve bank of Kuwait, for their assistance. I would certainly also want to thank our executive management team for their management and the exceptional implementation of the business strategy, and to our personnel for their continued assistance and commitment." ended Al Ajeel.
The combined financials inclusive the results of the Group's procedures in Kuwait, and its share from its regional subsidiaries, specifically Burgan Bank - Turkey, Gulf Bank. Algeria, Bank of Baghdad, Tunis International Bank. Burgan Bank Group has one of the biggest regional branch networks with more than 180 branches throughout Kuwait, Turkey, Algeria, Iraq, Tunis, Lebanon and representative offices in Dubai-United Arab Emirates.
