Burgan Bank S.A.K. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended Sep. 30, 2012
October 15, 2012
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Burgan Bank S.A.K. reported unaudited consolidated earnings results for the third quarter and nine months ended Sep. 30, 2012. For the quarter, the company reported net interest income of KD 30,773,000 against KD 26,765,000 a year ago. Operating income was KD 48,155,000 against KD 43,500,000 a year ago. Profit before taxation was KD 21,466,000 against KD 22,045,000 a year ago. Profit attributable to equity holders of the bank was KD 15,215,000 against KD 16,112,000 a year ago. Basic and diluted earnings per share attributable to equity holders of the bank were 10.3 fils against 10.7 fils a year ago.
For the nine months, the company reported net interest income of KD 88,765,000 against KD 81,077,000 a year ago. Operating income was KD 138,887,000 against KD 124,965,000 a year ago. Profit before taxation was KD 61,794,000 against KD 58,450,000 a year ago. Profit attributable to equity holders of the bank was KD 46,376,000 against KD 41,389,000 a year ago. Basic and diluted earnings per share attributable to equity holders of the bank were 31.5 fils against 27.5 fils a year ago. Net cash generated from operating activities was KD 115,265,000 against net cash used in operating activities of KD 35,376,000 a year ago. Purchase of property and equipment, net of disposals was KD 11,320,000 against KD 3,152,000 a year ago.
Burgan Bank KPSC is a Kuwait-based entity which is primarily engaged in banking and investment services to individuals and corporations. The Bank is organized into four business segments which includes corporate banking segment provides comprehensive product and services to corporate customers and financial institutions including lending, deposits, trade services, foreign exchange, advisory services; Retail and Private banking segment provides wide range of products and services to retail and private bank customers including loans, deposits, credit and debit cards, foreign exchange; Treasury and investment banking segment includes treasury activities, investment services and management. It also provides products and services to banks including money markets, lending, deposits, foreign exchange; Central office segment includes liquidity and funding management, any residual in respect of transfer pricing and other unallocated activities.