Burgan Bank’s profits rise in Q3 2019

Burgan Bank's profits rose by 10.7% in Q3-19

  

Mubasher: The financial statements of Burgan Bankshowed a 10.7% year-on-year rise in profits during the third quarter of 2019.

The profits of the period soared to KWD 22.69 million ($75 million) in Q3-19 when compared to KWD 20.49 million ($67.7 million) during the corresponding period in 2018.

During the nine-month period of 2019, the bank achieved profits worth KWD 67.45 million, 4.9% lower than KWD 70.96 million in the corresponding period in 2018, according to a bourse filing to Boursa Kuwait on Monday.

The bank ascribed the lower profits during the nine-month period of 2019 to the inclusion of the results of the subsidiaries for only eight months (from January to August) instead of the full nine months.

In this regard, the bank adjusted the reporting date of Burgan Bank Group’s subsidiaries to be one month earlier than Kuwait and the group’s reporting date starting from 2019.

This comes in a way to accelerate the bank’s financial closing process to ensure the announcement of the group’s financial statements to the stakeholders as early as possible.

It is worth noting that during the first half of 2019, Burgan Bank’s profits slid by 11.3% to KWD 44.8 million from KWD 50.5 million in the corresponding period in 2018.

Source: Mubasher

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