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    BURG   KW0EQ0100077

BURGAN BANK K.P.S.C.

(BURG)
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FS Q3 2021

11/02/2021 EDT

BURGAN BANK GROUP

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.

Introduction

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.

Conclusion

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.

1

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

2

Burgan Bank Group

Interim Condensed Consolidated Statement of Income

Period ended 30 September 2021 (Unaudited)

Three months ended

Nine months ended

30 September

30 September

Notes

2021

2020

2021

2020

KD 000's

KD 000's

KD 000's

KD 000's

Interest income

65,052

62,479

190,655

208,978

Interest expense

(33,244)

(28,499)

(97,348)

(101,040)

──────

──────

──────

──────

Net interest income

31,808

33,980

93,307

107,938

Fee and commission income

10,102

9,391

31,640

29,370

Fee and commission expense

(1,319)

(1,201)

(4,309)

(4,232)

──────

──────

──────

──────

Net fee and commission income

8,783

8,190

27,331

25,138

Net gain from foreign currencies

2,805

4,660

10,117

8,409

Net investment income

8,213

7,241

22,158

11,786

Dividend income

155

505

901

1,576

Other income

2,821

2,381

12,795

9,699

──────

──────

──────

──────

Operating income

54,585

56,957

166,609

164,546

Staff expenses

(12,739)

(10,169)

(35,379)

(33,934)

Other expenses

(12,498)

(12,035)

(34,785)

(35,003)

Operating profit before credit losses and

──────

──────

──────

──────

other provisions

29,348

34,753

96,445

95,609

Provision for credit losses

(8,501)

(22,230)

(47,608)

(53,839)

Provision (release) charge for other financial assets

144

524

433

(547)

──────

──────

──────

──────

Profit before taxation

20,991

13,047

49,270

41,223

Taxation

7

(3,065)

(1,351)

(6,183)

(5,411)

──────

──────

──────

──────

Profit for the period

17,926

11,696

43,087

35,812

═════════

═════════

═════════

═════════

Attributable to:

Equity holders of the Bank

16,256

9,829

40,276

32,575

Non-controlling interests

1,670

1,867

2,811

3,237

──────

──────

──────

──────

17,926

11,696

43,087

35,812

═════════

═════════

═════════

═════════

Basic and diluted earnings per share -

attributable to the equity holders of the

3.9

9.7

Bank (Fils)

8

5.8

13.4

═════════

═════════

═════════

═════════

The attached notes 1 to 14 form an integral part of this interim condensed consolidated financial information.

4

Disclaimer

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.


© Publicnow 2021
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Financials
Sales 2022 211 M 688 M 688 M
Net income 2022 53,0 M 173 M 173 M
Net Debt 2022 - - -
P/E ratio 2022 28,6x
Yield 2022 3,50%
Capitalization 893 M 2 912 M 2 912 M
Capi. / Sales 2022 4,23x
Capi. / Sales 2023 3,99x
Nbr of Employees 3 000
Free-Float 26,9%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 0,27 KWD
Average target price 0,25 KWD
Spread / Average Target -7,80%
EPS Revisions
Managers and Directors
Masoud Mahmoud Hajji Jawhar Hayat Vice Chairman & Group Chief Executive Officer
Khalid Fahad Al-Zouman Group Chief Financial Officer
Majed Essa Ahmed Al-Ajeel Chairman
Venkatakrishnan Menon Group Chief Operations & Technology Officer
Reham Sultan Group Head Compliance