Tags
Kuwait’s Burgan Bank, a unit of Kuwait Projects Co, said its second-quarter net profit dropped 10% to 12.26mn Kuwaiti dinars ($43.1mn), from 13.62mn dinars in the year earlier period.
First-half net profit fell 11% to 27.89mn dinars from 31.16mn dinars in the same period of 2012, the lender said in a statement posted on the Kuwait bourse website.
Burgan, which is the Gulf state’s third largest bank by assets, said in a separate e-mailed statement that its second-quarter operating profit before provisions surged 41% on year to 41.4mn dinars. “The record high quarterly performance enabled the group to book 11.5mn dinars in extra precautionary reserves to further support its growth plans and to strengthen the continuous improvements of its asset quality.”
Total assets stood at 6.39bn dinars at the end of June, up 29% from 4.97bn dinars a year earlier.
The bank said that in the second quarter of 2013 it “achieved an annualised growth of 5% in loans and advances as well as a 13% increase in customers’ deposits.”
Burgan Bank shares ended 1.7% lower at 0.59 dinars in an overall negative market.
There are no comments.
SPORT Saying goodbye is never easy, especially when you are saying farewell to those that have left a positive impression. That was the case earlier this month when Canada hosted Mexico in a friendly at BC Place stadium in Vancouver.
TECHNOLOGY Some 60mn primary-school-age children have no access to formal education
CULTURE Lekhwiya’s El Arabi scores the equaliser after Tresor is sent off; Tabata, al-Harazi score for QSL champions
ARABIA The Yemeni Minister of Tourism, Dr Mohamed Abdul Majid Qubati, yesterday expressed hope that the 48-hour ceasefire in Yemen declared by the Command of Coalition Forces on Saturday will be maintained in order to lift the siege imposed on Taz City and ease the entry of humanitarian aid to the besieged
ARABIA Some 200 teachers from schools across the country attended Qatar Museum’s (QM) first ever Teachers Council at the Museum of Islamic Art (MIA) yesterday.
ARABIA The Supreme Judiciary Council (SJC) of Qatar and the Indonesian Supreme Court (SCI) have signed a Memorandum of Understanding (MoU) on judicial co-operation, it was announced yesterday.
ECONOMY Sri Lanka is keen on importing liquefied natural gas (LNG) from Qatar as part of government policy to shift to clean energy, Minister of City Planning and Water Supply Rauff Hakeem has said.
