Burgan Bank Group posts Kuwait dinar 48.7m in 9-month profits

Burgan Bank Group announced here on Sunday its net profits of KD 48.7 million in the first nine months of 2014 compared to the same period last year.
Operating income surged to KD 200.8 million while operating profits before provisions soared to register KD 112.6 million. Net income for the 9 months surged by 177 percent reaching KD 48.7 million, the group said.
In the third quarter and compared to the same period last year, operating income grew 17 percent reaching KD 70.3 million while operating profits before provisions grew by 16 percent reaching KD 39.9 million.
Majed Essa Al Ajeel, Chairman of Burgan Bank Group said: "Once again, Burgan Bank Group continues to deliver solid growth in all business lines, in all markets, thanks to the prudent execution of the group strategy." "Our Balance sheet remains strong with a continuous enhancement of the asset quality, Our Capital adequacy ratio stands at 18.6 percent under Basel 2.We are in the process of adjusting the capital for Basel 3, we started with the introduction of an innovative AT1 instrument which was launched successfully and oversubscribed in Q3 and we will further increase the capital through rights issuance once we receive the required regulatory approvals," Al-Ajeel added.
"Our leading financial indicators continue to point to the right direction, The international operations contributes to 51 percent to the group's revenue. Once again, we are optimistic about our performance going forward," he said.
"On behalf of the board, I take this opportunity to thank our customers and shareholders for their confidence in our capabilities. 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," he noted.
The consolidated financials encompass the results of the Group's operations in Kuwait, and its share from its regional subsidiaries, namely Jordan Kuwait Bank, Gulf Bank Algeria, Burgan Bank - Turkey, Bank of Baghdad, Tunis International Bank, in which Burgan Bank owns a majority stake. Burgan Bank Group has one of the largest regional branch networks with more than 233branches across Kuwait, Turkey, Jordan, Algeria, Iraq, Tunis, Lebanon and Palestine, he concluded.