INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
30 SEPTEMBER 2021 (UNAUDITED)
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF BURGAN BANK K.P.S.C.
We have reviewed the accompanying interim condensed consolidated statement of financial position of Burgan Bank K.P.S.C. (the "Bank") and its subsidiaries (collectively the "Group") as at 30 September 2021, and the related interim condensed consolidated statement of income and the interim condensed consolidated statement of comprehensive income for the three month and nine month periods then ended, and the interim condensed consolidated statement changes in equity and interim condensed consolidated statement cash flows for the nine months period then ended. The management of the Bank is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with the basis of preparation set out in Note 2. Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim condensed consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with the basis of preparation set out in Note 2.
Report on other Legal and Regulatory Requirements
Furthermore, based on our review, the interim condensed consolidated financial information is in agreement with the books of account of the Bank. We further report that, to the best of our knowledge and belief, we have not become aware of any violations of the Companies Law No. 1 of 2016, as amended, its executive regulations, as amended, or of the Bank's Articles of Association and Memorandum of Incorporation, as amended, during the nine months period ended 30 September 2021 that might have had a material effect on the business of the Bank or on its financial position.
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF BURGAN BANK K.P.S.C. (continued)
Report on other Legal and Regulatory Requirements (continued)
We further report that, during the course of our review, to the best of our knowledge and belief, we have not become aware of any violations of the provisions of Law No. 32 of 1968, as amended, concerning currency, the Central Bank of Kuwait and the organisation of banking business, and its related regulations, or of the provisions of Law No. 7 of 2010 concerning Capital Markets Authority and its related regulations during the nine months period ended 30 September 2021 that might have had a material effect on the business of the Bank or on its financial position.
DR. RASHEED M. AL-QENAE
NAYEF M.AL BAZIE
LICENSE NO. 130 - A
LICENSE NO. 91 - A
OF KPMG SAFI AL-MUTAWA & PARTNERS
RSM Albazie & Co.
MEMBER FIRM OF KPMG INTERNATIONAL
Kuwait: 2 November 2021
Burgan Bank Group
Interim Condensed Consolidated Statement of Income
Period ended 30 September 2021 (Unaudited)
Three months ended
Nine months ended
Net interest income
Fee and commission income
Fee and commission expense
Net fee and commission income
Net gain from foreign currencies
Net investment income
Operating profit before credit losses and
Provision for credit losses
Provision (release) charge for other financial assets
Profit before taxation
Profit for the period
Equity holders of the Bank
Basic and diluted earnings per share -
attributable to the equity holders of the
The attached notes 1 to 14 form an integral part of this interim condensed consolidated financial information.
Burgan Bank SAKP published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 08:42:09 UTC.