Kuwait’s Burgan Bank Q2 net profit rises 23 pct

A unit of Kuwait Projects Co, Burgan made a net profit of 65.7 million in the three months to the end of June

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Burgan Bank, Kuwait’s third-largest lender by assets, reported a 23 percent rise in second-quarter net profit on Tuesday, beating analyst forecasts.

A unit of Kuwait Projects Co (KIPCO), Burgan made a net profit of 19.9 million dinars ($65.7 million) in the three months to the end of June, compared to 16.2 million dinars in the same period a year earlier, it said in a bourse filing.


Four analysts polled by Reuters estimated, on average, a net profit of 17.6 million dinars for the bank in the quarter.
Burgan said the rise in net profit was due to growth in operations and increase in net gains from foreign currencies.

Chief Executive Eduardo Eguren told Reuters in May the Kuwaiti lender would consider expanding in the UAE, Saudi Arabia and Egypt as foreign banks operating in the Middle East retrench as a result of losses and regulatory pressure.

He added total group revenue was rising at an annual rate of about 10 to 15 percent. ($1 = 0.3030 Kuwaiti dinars)

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