KuwaitPR.com, Online Press Release from Kuwait
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Burgan Bank Reports Net Income of KD 19.2mn for the First Quarter of 2019
Burgan Bank Reports Net Income of KD 19.2mn  for the First Quarter of 2019
Kuwait – May 15th, 2019:  Burgan Bank Group (Burgan) announced its financial results for the first quarter of 2019. 
 
Beginning this year, Burgan has revised its financial statements’ closing process by changing the reporting date of its subsidiaries to one month earlier than the Group’s reporting date.
 
Accordingly, Burgan’s Q1’19 financial results include only two months’ (Jan’19 & Feb’19) results of its subsidiaries instead of three months (as included in the prior periods). This change will enable Burgan to accelerate its financial closing process & the required procedures for earliest possible release of the Group’s financial statements to its stakeholders.
 
Key highlights of Burgan Bank Group’s Q1’19 financial results are as follows:
 
• Revenue of KD 50.3mn while maintaining healthy Net Interest Margin of 2.7%
 
• Operating Profit of KD 29.2mn with stable Cost-to-Income Ratio of 41.8%
 
• Net income of KD 19.2mn with low Cost of Credit of 0.7% 
 
• CET1 Ratio of 11.8% and CAR of 17.3%, indicating optimal capital levels 
 
Our Kuwait operations, which is the core engine of the Burgan Bank Group, continues to perform strongly as reflected in the below mentioned key business metrics:
 
• Q1’19 Net Interest Margin of 2.3% (vs Q1’18: 2.3%) 
 
• Q1’19 Cost-to-Income Ratio of 28.4% (vs Q1’18: 36.8%)
 
• Q1’19 Cost of Credit of 0.4% (vs Q1’18: 0.5%)
 
• Q1’19 NPL Ratio of 1.8% (vs Q1’18: 1.7%)
 
These results reflect the stability of the operating business model of Burgan Bank Group despite headwinds in certain markets in the region.
 
Mr. Majed Essa Al Ajeel, Chairman of Burgan Bank Group said: “the Bank’s business model continues to prove its resilience, while maintaining good progress on key initiatives aimed at mitigating risk, improving operating competences and capitalization levels.”
 
'On behalf of the board, I take this opportunity to thank our customers and shareholders for the trust they have in our capabilities and our regulator, the Central Bank of Kuwait, for their support.  I would also like to thank our executive management team for their leadership and the excellent execution of the corporate strategy, and our staff for their continued support and commitment.' concluded Al Ajeel. 
 
The consolidated financials encompass the results of the Group’s operations in Kuwait, and its share from its regional subsidiaries, namely Burgan Bank – Turkey, Gulf Bank Algeria, Bank of Baghdad, Tunis International Bank. Burgan Bank Group has one of the largest regional branch networks with 165 branches across Kuwait, Turkey, Algeria, Iraq, Tunis, Lebanon and representative office in Dubai-United Arab Emirates. 

Posted by : Kuwait PR Network Editorial Team
Viewed 1306 times
PR Category : Banking & Investments
Posted on : Wednesday, May 15, 2019  1:40:00 PM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Boss Bottled Oud Aromatic and Saffron: the New Enticing Fragrances [19122-Views]
As if Made from One Piece: GROHE Offers Individual System Solutions for the Entire Work Area Around ... [15650-Views]
Police Is the Official Eyewear in the Sony Pictures Film “Men in Blacktm: International” [14649-Views]
Cerruti 1881' [14608-Views]
Saint Honore [14227-Views]
Chloé Launches The New Cloud-shaped “rosie” Sunglasses [10947-Views]
Michael Kors Co-hosts the 10th Anniversary of the Annual Filmmakers Dinner [10291-Views]
Max Mara Resort 2020 Collection [10160-Views]
Let Your Style Roar [9492-Views]
Festival of Speed Celebrates Aston Martin's Racing History [8573-Views]
Ralph Lauren Presented with an Honorary UK Knighthood [8028-Views]
Ink Your Lips This Summer With Artist Rouge Ink, Make Up for Ever's New Airlightlip Color [6617-Views]
Grandweld Shipyards launches tenth boat of KOC fleet [6257-Views]
Nissan Al- Babtain Elevates Customer Experience with a Special Ramadan Aftersales Service Campaign [5998-Views]
Lukoil Marine Lubricants strengthens its collaboration with KOTC [5248-Views]
Siemens to supply power equipment and services for 840 MW power plant in Iraq [4293-Views]
Joyalukkas Exchange opens branches in 3 new locations in Kuwait [3633-Views]
Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone [3251-Views]
The inauguration of codeshare flights between Kuwait and Istanbul-Sabiha Gökçen Airports. [2923-Views]
Critical Strategies for Staying Ahead of Emerging Cyberthreats [2780-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories