Burgan Bank posts KD 31.2 million net profits for H1 2012

Burgan Bank Group announced today its earnings results for the first half of 2012. Net profits grew by 23 percent to reach KD 31.2 million for the period ending June 30, 2012, from KD 25.3 million reported in the same period last year. Earnings per share (EPS) stood at 21.1 fils compared to 16.7 fils in 2011. While Provision charges reported at KD 15.5 million. This was mentioned in a press release on Monday.

The group continues to report quarter- to-quarter Solid performance reflecting a healthy growth trend. While comparing with the same period of 2011, the second quarter in 2012 reflected a growth of 13 percent in Operating income to reach KD 48.1 million.

Comparing the growth from the first quarter of 2012, the group realized an annualized growth of 16 percent in Customer deposits to reach KD 3,164 million while loans and advances annualized growth stood at 31 percent to reach KD 2,592 million. Non-performing loans ratio (Net of collateral to gross loans) was reduced to 2.8 percent.

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, Bank of Baghdad, Tunis International Bank, in which Burgan Bank has a majority stake in.

Burgan Bank's Chairman, Mr. Majed Essa Al-Ajeel said: "We are pleased with our results for the first half of 2012. Our consistent positive performance in Kuwait and across the markets in which we operate from is backed by a strong & excellent execution of the strategy and a business model that has proven to be resilient to a less favorable economic and business climate. The group's subsidiaries remain profitable, and synergies among the group members started to pay-off by which cross business origination has been increasing noticeably and as per planned. Burgan Bank Group's key leading financial indicators are pointing to the right direction"

"On behalf of the board, I take this opportunity to thank the Central Bank of Kuwait, 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 strategy, and to our staff for their continued support and commitment," concluded Al-Ajeel.